Amey Lagan Roads restructures 2.267% index-linked bonds due 2037

By Angela McDaniels

Tacoma, Wash., July 8 – Amey Lagan Roads Ltd.’s proposed restructuring, which includes £146,423,000 of 2.267% index-linked guaranteed secured bonds due 2037 issued by Amey Lagan Roads Financial plc, has become effective, according to a company filing with the London Stock Exchange.

As previously reported, the company announced on June 30 that it had reached an agreement with some creditors on the restructuring and that it expected the restructuring to include the following:

• A reduction of the principal amount of the bonds by what the company called “a small proportion”;

•An amendment to the amortization profile to change the amount of principal required to be paid on the scheduled payment dates;

• The termination of the guarantees provided by Ambac Assurance UK Ltd. and the cessation of Ambac as the majority creditor and the bond creditor; and

• The replacement of Ambac by European Investment Bank and a majority bondholder representative or the bond trustee as the new majority creditor.

Bondholder approval was needed in order to give effect to the restructuring. The approval has been granted.

Amey Lagan Roads is constructing and upgrading toll roads in Northern Ireland.

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