Co-operative Bank holders vote to adopt changes to 4.75% bonds

By Jennifer Chiou

New York, Jan. 10 - Co-operative Bank plc and Moorland Covered Bonds LLP announced that holders voted to pass proposed amendments to their £600 million of series 2011-1 4.75% global covered bonds due November 2021 at a meeting in London.

At the end of December, the final voting deadline was delayed until 5 a.m. ET on Jan. 8.

According to a prior press release, the covered bondholder proposal included the following:

• The entry into backup cash management and backup servicing 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

• A change to the definition of authorized investments in the program.

The solicitation agents were J.P. Morgan Securities plc (attn: fixed-income syndicate, fax 44 0 20 7134 2468, ABS_London_Syndicate@jpmorgan.com) and Royal Bank of Scotland plc (attn: liability management group, 44 207 085 8806/9972, or liabilitymanagement@rbs.com). The tabulation agent was Lucid Issuer Services Ltd. (attn: Paul Kamminga/Victor Parzyiagla, 44 20 7704 0880 or fax 44 20 7067 9098, or moorland@lucid-is.com). The principal paying agent was HSBC Bank plc (attn: senior manager, CT client services, corporate trust and loan agency).

Co-operative Bank is a Manchester, England-based bank and financial institution.

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