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St. Paul’s CLO III extraordinary resolution implemented on Nov. 30
By Tali Rackner
Norfolk, Va., Dec. 1 – St. Paul's CLO III Ltd. said the extraordinary resolution to amend seven classes of notes’ trust deed was implemented on Monday, according to a notice.
As previously reported, the resolution was passed by all seven of the issuer’s classes of noteholders, according to a London Stock Exchange notice, which said the changes “will be implemented in due course.”
The extraordinary resolution was passed Oct. 30 by holders of the issuer’s €326.7 million of class A secured floating-rate notes, its €32.4 million of class C secured deferrable floating-rate notes and its €62 million of subordinated notes.
No vote was held on that date in the four remaining note classes due to lack of establishing a quorum.
The resolution was passed on Nov. 23 by holders of the €64.9 million of class B secured floating-rate notes; €26.4 million of class D secured deferrable floating-rate notes; €33 million of class E secured deferrable floating-rate notes; and €15.4 million of class F secured deferrable floating-rate notes.
Among other things, the resolution splits each class of rated notes into three sub classes with differing voting rights in compliance with the Volcker Rule.
Also, the resolution clarifies that only figures and percentages contained in the S&P Matrix and Fitch Tests Matrix may be amended by ordinary resolution of the controlling class in relation to modifications to the collateral quality tests. Another extraordinary resolution would be required to make other changes to the collateral quality tests.
To approve the proposal, bondholders representing at least two-thirds of the bonds represented at the meetings had to vote in favor of the resolution. In order to have a quorum, at least two-thirds of the outstanding principal of the bonds had to be represented at the meetings.
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