St. Paul’s CLO III resolution approved by remaining noteholder groups

By Wendy Van Sickle

Columbus, Ohio, Nov. 24 – St. Paul's CLO III Ltd. said holders of four classes of its notes due 2028 passed an extraordinary resolution to amend the notes’ trust deed during a series of adjourned meetings held Monday in Oslo.

The resolution has now been passed by all seven of the issuer’s classes of noteholders, according to a London Stock Exchange notice, which said the changes “will be implemented in due course.”

As previously reported, holders of the three other classes of notes approved the measure during a series of meetings held Oct. 30, but no vote was held on that date in the four remaining note classes due to lack of establishing a quorum.

Holders of the following classes of notes approved the measure Monday:

• €64.9 million of class B secured floating-rate notes;

• €26.4 million of class D secured deferrable floating-rate notes;

• €33 million of class E secured deferrable floating-rate notes; and

• €15.4 million of class F secured deferrable floating-rate notes.

Among other things, the resolution will split each class of rated notes into three sub classes with differing voting rights in compliance with the Volcker Rule.

Also, the resolution clarifies that only figures and percentages contained in the S&P Matrix and Fitch Tests Matrix may be amended by ordinary resolution of the controlling class in relation to modifications to the collateral quality tests. Another extraordinary resolution would be required to make other changes to the collateral quality tests.

To approve the proposal, bondholders representing at least two-thirds of the bonds represented at the meetings had to vote in favor of the resolution. In order to have a quorum, at least two-thirds of the outstanding principal of the bonds had to be represented at the meetings.

The extraordinary resolution was passed Oct. 30 by holders of the issuer’s €326.7 million of class A secured floating-rate notes, its €32.4 million of class C secured deferrable floating-rate notes and its €62 million of subordinated notes.

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