Jerrold seeks consents from holders of 9¾% notes to amend definitions

By Toni Weeks

San Luis Obispo, Calif., March 23 – Jerrold Holdings Ltd. subsidiary Jerrold FinCo plc is soliciting consents from holders of its outstanding £200 million of 9¾% senior secured notes due 2018, according to a company notice with the London Stock Exchange.

Jerrold wants to amend the definitions of “eligible loan assets” and “permitted collateral liens” in the note indenture to provide it with greater operating and financial flexibility to pursue its strategic goals, the notice said.

Holders who validly deliver their consent prior to the expiration date, 1 p.m. ET on March 30, will receive a consent payment of £2.50 for each £1,000 principal amount.

Adoption of the proposed amendments requires the consent of holders of at least a majority of the outstanding principal amount. The amendments will only become operative when the consent payment has been made on the settlement date, which is expected to be April 2.

Lucid Issuer Services Ltd. (44 0207 704 0880, attn: David Shilson, or Jerrold@lucid-is.com) is the information and tabulation agent. Credit Suisse Securities (Europe) Ltd. (44 207 883 8763, attn: liability management desk, or liability.management@credit-suisse.com) is the solicitation coordinator. Lloyds Bank plc (44 20 7158 2720, attn: liability management group, or liability.management@lloydsbanking.com) and Royal Bank of Scotland plc (44 20 7085 3781, attn: liability management, or liabilitymanagement@rbs.com) are the solicitation agents along with Credit Suisse.

The Cheshire, England-based company is a mortgage lender.

© 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.