Co-operative, Moorland look to amend £600 million 4.75% covered bonds

By Susanna Moon

Chicago, Dec. 5 - Co-operative Bank plc and Moorland Covered Bonds LLP is seeking to amend its £600 million of series 2011-1 4.75% global covered bonds due November 2021.

The bondholder meeting will begin at 6 a.m. ET on Dec. 27 in London.

The final voting deadline is 6 a.m. ET on Dec. 23.

The covered bondholder proposal includes the following:

• The entry into backup cash management and backup servicing arrangements, changes related to the implementation of the backup arrangements and consequential amendments to the transaction documents connected with the arrangements;

• The entry into an amended and restated collection account declaration of trust to remove the requirement for the collection account relating to the covered bond program to be moved to a third party bank and amendments to the other transaction documents; and

• A change to the definition of authorized investments in the program and changes to the other transaction documents.

The solicitation agents are J.P. Morgan Securities plc (attn: fixed-income syndicate, fax: 44 0 20 7777 9153, email structured.lm@jpmorgan.com), Royal Bank of Scotland plc (attn: liability management group, 44 207 085 8806/9972, email liabilitymanagement@rbs.com). The tabulation agent is Lucid Issuer Services Ltd. (attn: Paul Kamminga/Victor Parzyiagla, 44 20 7704 0880, fax 44 20 7067 9098 or email moorland@lucid-is.com). The principal paying agent is HSBC Bank plc (attn: senior manager, CT client services, corporate trust and loan agency).

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