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Trafford Centre solicits consents to replace Libor for three floaters
By Wendy Van Sickle
Columbus, Ohio, Dec. 1 – Trafford Centre Finance Ltd. is soliciting consents from holders of three series of floating-rate secured notes, according to notice.
The notes include £188.5 million of class A3 notes due 2038 (ISIN: XS0222488396); £20 million of classB2 notes due 2038 (ISIN: XS0222489014); and £69.55 million of class D1(N) notes due 2035 (ISIN: XS0222489873).
The issuer is proposing to replace Libor with compounded daily Sonia as the underlying rate. The adjusted margin is proposed to be 72.5 basis points for the class A3 notes; 82.5 bps for the class B2 notes; and 200 bps for the case D1(N) notes.
Noteholders are being asked to pass the proposals by delivering consent instructions by 11 a.m. ET on Dec. 20.
A series of video teleconferences will be held for the votes to be cast on the extraordinary resolutions, beginning at 5 a.m. ET on Dec. 23.
Two or more people representing at least three-fourths of the aggregate principal amount of a series must be present in order to establish a quorum at the meeting for that series. In order for an extraordinary resolution to be passed for a series at least three-fourths of the votes cast must be in favor of the resolution. If a meeting is adjourned due to lack of quorum, holders of at least one-third of the principal amount of a series must be present at an adjourned meeting in order to establish a quorum and three-fourths of the votes cast at that adjourned meeting must be in favor of the resolution for it to pass.
City & Continental Ltd. (+44 20 3039 3456 or phil.caroe@alliacc.com) is the solicitation agent.
Lucid Issuer Services Ltd. (+44 20 7704 0880 or tcfl@lucid-is.com) is the tabulation agent.
The owner and developer of real estate properties has headquarters in the Cayman Islands.
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