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SGS Finance reports 90.76% of creditors accede to lock-up
By Wendy Van Sickle
Columbus, Ohio, March 27 – SGS Finance plc said that scheme creditors holding 90.76% of the debt under the existing authorized loan facility and existing notes acceded to the lock-up agreement that was entered by SGS Finco Ltd. and consenting creditors, according to a notice.
The scheme creditors holding 90.76% of the debt had acceded to the lock-up agreement by 6:30 a.m. ET on March 25, contractually agreeing to support the company’s scheme and restructuring.
As a result SGS Finco said it expects the required support for the scheme to be obtained at the upcoming scheme meeting.
SGS Finco had requested the majority consenting creditors to consent to its repayment by March 28 of all amounts outstanding under the new money facility agreement dated July 16, 2021 under which SGS Finco is borrower, according to a separate notice.
The relevant notes include £450 million of 9% notes due 2028 (ISIN: XS0904228557); £350 million of 9% notes due 2033 (ISIN: XS0904228987); and £350 million of 9% notes due 2035 (ISIN: XS1131914811).
The real estate investment trust is based in London.
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