| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item |
Phoenix Life holders consent almost unanimously to amend 7¼% notes
By Susanna Moon
Chicago, Dec. 23 – Phoenix Life Ltd. said it obtained votes from holders of £196.07 million 7¼% undated subordinated notes at the meeting held Tuesday.
The holders of more than 99.99% principal amount of the notes represented at the meeting voted for the extraordinary resolution, according to a company press release.
The company said on Dec. 18 that it increased the instruction fees under the consent solicitation for its £200 million of 7¼% notes to 500 basis points.
As previous reported, the issuer sought to amend the trust deed for the notes to remove any uncertainty as to whether they qualify as tier 2 capital. Phoenix Life said it believes the notes do qualify but wants to make sure the notes are fully consistent with all the requirements. The securities were originally issued by Scottish Mutual Assurance plc in 2001.
Holders who submitted their instructions by the early deadline, 11 a.m. ET on Dec. 12, will receive the 500 bps fee. Those who submitted after the early deadline will also receive 500 bps.
When the consent solicitation was announced on Dec. 1, the instruction fees were to be 50 bps for the early fee and 20 bps for the late fee.
The consent solicitation expired at 5 a.m. ET on Dec. 19.
HSBC Bank plc (+44 20 7992 6237 or liability.management@hsbcib.com) and Royal Bank of Scotland plc (+44 20 7085 9972 or liability.management@rbs.com) were the solicitation agents. Lucid Issuer Services Ltd. (+44 20 7704 0880 or phoenixlife@lucid-is.com) was the tabulation agent.
Phoenix Life is the life insurance business of Birmingham, England-based Phoenix Group Holdings, which specializes in managing closed life and pension funds.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.