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Elva begins consent bid for floaters due 2024 relating to Lebanon bonds
By Sarah Lizee
Olympia, Wash., April 15 – Elva Funding II DAC began a consent solicitation for its $200 million secured floating-rate notes due 2024 (ISIN: XS1967611010).
Elva Funding is a noteholder of some of the bonds issued by Lebanon. Those bonds constitute an underlying asset with respect to Elva’s notes. Under the supplemental trust deed of Elva’s notes, the issuer is required to notify and request instruction from noteholders if any amendment, modification or waiver is sought in respect of an underlying asset.
Elva notified holders that
• It received a letter requesting the identification of beneficial interests in several bonds issued by Lebanon;
• The republic intends to engage in discussions with the holders of the Lebanese bonds; and
• It is possible that some actions may be proposed and may subsequently be taken, including potential restructurings, in respect of the Lebanese bonds as a result of such discussions.
The issuer notified holders that it will identify itself as a beneficial owner, and the extent of its holdings, of the Lebanese bonds in response to the letter.
Elva Funding is asking holders to vote for or against the issuer’s participation in any discussions relating to the Lebanese bonds.
The cutoff time to vote is 5 a.m. ET on April 22.
The notes were issued under the €20 billion asset-backed medium-term note program.
Morgan Stanley & Co. International plc is the swap counterparty for the notes.
U.K.-based Elva Funding was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance debt, and for acquisition purposes.
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