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Global SC asks asset-backed holders to OK ‘harmonized’ calculations
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Global SC Finance IV Ltd. said it is soliciting consents from holders of its series 2017-1 fixed-rate asset-backed notes until 5 p.m. ET on Dec. 14.
The issuer is seeking consents to a proposed amendment to “harmonize certain financial calculations in relation to a ‘manager default’ with the comparable financial calculations in recent bank and other financings by affiliates of Seaco SRL after the integration of the businesses of Seaco and Cronos Ltd., which was acquired by Seaco’s parent company in January 2015, and reflecting Seaco’s post-integration financial structure,” according to a Wednesday press release.
The amortized principal amount outstanding of the original $294 million of notes is $278,934,000.
If the consent bid is successful, holders who deliver their consents will receive $1.00 per $1,000 principal amount of notes.
Approval of the amendment requires consents from holders of at least a majority of the outstanding principal amount of notes.
Consents will be irrevocable.
D.F. King Co., Inc. (212 269-5550, 877 478-5042 or cronos@dfking.com) is the tabulation agent. RBC Capital Markets, LLC (877 381-2099 or 212 618-7843) is the solicitation agent.
Cronos Containers is a Hamilton, Bermuda-based subsidiary of Cronos Holding Co Ltd., a container leasing company.
Global SC is an affiliate of Seaco SRL, which manages its container fleet. The issuer and Seaco are indirect subsidiaries of HNA Group Co Ltd., a Haikou City, China-based business conglomerate that engages in transportation, logistics, tourism, hotel, property, airport management, financial services and retail.
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