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Delhaize Group says holders of 4.25% notes vote to waive put option
By Wendy Van Sickle
Columbus, Ohio, Feb. 9 – Delhaize Group SA/NV said it obtained noteholder approval to amend its £400 million 4.25% bonds due Oct. 19, 2018 at the meeting held Friday in Anderlecht, Belgium.
The vote had initially been scheduled for Jan. 11, but that meeting was adjourned due to lack of a quorum.
At Friday’s adjourned meeting the proposed resolutions passed with around 99% approval, according to a filing with the Securities and Exchange Commission.
As previously reported, holders of the company’s €400 million of 3.125% notes due Feb. 27, 2020 passed the proposed resolutions on Jan. 11 with a 95.71% approval.
As announced Dec. 18, Delhaize asked holders to waive the right to exercise their put options under the bond terms as a result of a default that could be triggered by the company’s plans to merge with Koninklijke Ahold NV.
After the merger, Delhaize Group will be dissolved without going into liquidation and cease to exist. As a result, holders of the two tranches of Delhaize Group's bonds were asked to approve the change of issuer and to consent to various technical amendments for the legal structure following the merger at two bondholder meetings, the company previously said.
Bondholders who were represented at the meeting will receive the participation fee of 15 basis points.
In order to form a quorum, at least 50% of the outstanding bonds had to be represented at the meeting. To pass, each measure required approved by a majority of at least 75% of the votes cast.
BNP Paribas ING, BofA Merrill Lynch and Deutsche Bank acted as lead solicitation agents.
Delhaize is a Brussels-based food retailer.
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