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Cabot gets consents to amend 7½% notes due 2023, floaters due 2024
By Sarah Lizee
Olympia, Wash., Sept. 8 – Cabot Financial Ltd. subsidiaries Cabot Financial (Luxembourg) SA and Cabot Financial (Luxembourg) II SA have obtained consents to amend their £512.9 million 7½% senior secured notes due 2023 (ISINs: XS1405768596, XS1405768166) and €400 million senior secured floating-rate notes due 2024 (ISINs: XS2010158553, XS2010158637), according to an 8-K filing with the Securities and Exchange Commission.
As previously reported, Cabot sought certain amendments to the notes, such as including Encore Capital Group Inc. and Encore subsidiaries in the restricted group and terminating the Marlin intercreditor agreement that is no longer required.
A 50 basis points per note consent fee is being paid to consenting holders.
The solicitations expired at noon ET on Sept. 8.
The issuer has until 6:59 p.m. ET on Oct. 31 to make the consent payment. If the consent payment has not been paid on or prior to that time, then the proposed amendments will not be given operative effect.
Lucid Issuer Services Ltd. (+44 20 7704 0880) is the tabulation agent for the solicitations and Credit Suisse Services (Europe) Ltd. (+44 20 7883 8763, liability.management@credit-suisse.com) and Morgan Stanley & Co. International plc (+44 20 7677 5040, liabilitymanagementeurope@morganstanley.com) are the solicitation agents.
The West Malling, England-based company acquires and manages consumer debt.
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