MCB seeks waiver from noteholders to avoid takeover-related default

By Marisa Wong

Madison, Wis., Dec. 1 – MCB Treasury AB is seeking a conditional waiver from holders of its SEK 500 million asset-backed fixed-rate notes, according to a notice.

The waiver affects terms and conditions related to a potential change of control and subsequent de-listing.

MCB Treasury’s parent company, MCB Finance Group plc, announced on Nov. 18 that it received a takeover approach by International Personal Finance plc. If the potential cash offer for MCB Finance takes place, a change of control will occur and the parent company may be subject to de-listing from the London Stock Exchange.

MCB is seeking a waiver to avoid an event of default under the terms of the notes.

Voting forms must be delivered by Dec. 18.

Holders must be of record as of Nov. 21 to participate.

At least 67% of the total note voting amount must consent to the proposal in order for it to be approved. However, there is no quorum to be met.

CorpNordic Sweden AB is the agent.

The notes were originally issued on March 7, 2012.

MCB Finance is a consumer finance company based in London that provides credit solutions to retail customers in Finland, Estonia, Latvia and Lithuania.

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