Honours receives necessary consents to implement remediation plan

By Sarah Lizee

Olympia, Wash., June 26 – Honours plc announced the results of its meetings with holders of its asset-backed floating-rate notes due 2029 held on June 10 and June 25 relating to a consent solicitation.

Holders of the £291.95 million of class A1 notes, £54.2 million of class A2 notes, £33.35 million of class B notes, £18 million of class C notes, £11.95 million of class D notes and £8.75 million of class E notes were notified.

Honours sought to pass extraordinary resolutions in connection with the implementation of a remediation plan proposed by the issuer, and the release and application of the cash paid by Capita Customer Management Ltd. to the issuer in full, as well as final settlement of any claims the issuer may have against Capita for regulatory breaches, standing to the credit of a separate account of the issuer.

At the June 10 meetings, holders of the class A1, A2, C and E notes approved the extraordinary resolutions, but the requisite quorum for the class B and D notes was not present.

Meetings for holders of the class B and D notes were adjourned to June 25, and the extraordinary resolutions were passed.

Following the passing of the extraordinary resolutions, Honours entered into a settlement account agreement with the note trustee and the cash manager, a supplemental agreement to the administration agreement, and a deed of amendment in relation to the definition of “available revenue funds” under the transaction documents.

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