Sutton Bridge solicits consents to amend 8 5/8%, 7.97% bonds due 2022

By Devika Patel

Knoxville, Tenn., Nov. 24 - Sutton Bridge Financing Ltd. said it is soliciting consents from holders to amend the documentation of two bond series. The changes are due to a change of control of company subsidiary EDF Energy, which is the bonds' guarantor.

Affected are the company's £195 million in 8 5/8% guaranteed secured bonds due 2022 and its $150 million 7.97% guaranteed secured bonds due 2022.

Bondholders are being asked to agree that, among other things, if EDF Energy Group Holdings does not own at least 10% of EDF Energy's shares, this will not constitute a breach of the bonds' terms and conditions. Investors also are being asked to allow certain modifications to contracts relating to the bonds.

Consents received prior to 5:30 p.m. ET on Dec. 3 will receive an early voting fee of 0.375% of the bonds' principal. Consents received after this date, but before Dec. 9, will receive a late voting fee of 0.25% of the principal.

The fee payments are conditioned upon the company receiving approval at a bondholders meeting on Dec. 14.

Sutton Bridge said that the proposals have been found acceptable by a special committee of the Association of British Insurers which owns 62% of the sterling bonds.

Barclays Capital (+44 20 7773 8990, eu.lm@barcap.com) is the solicitation agent. Bank of New York Mellon (+44 020 7964 4958, eventsadmin@bnymellon.com) is the tabulation agent.

The special purpose financing subsidiary of EDF Energy is based in Lincolnshire, England.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.