CPI Property noteholders approve change of trustee to HSBC

By Wendy Van Sickle

Columbus, Ohio, Jan. 15 – CPI Property Group said its solicitation of consents from holders of its notes to appoint HSBC as trustee of the notes and remove Deutsche Bank as trustee was approved, according to a notice.

Holders of the issuer’s 16 series of notes covered by the solicitation voted as a single series at a single combined meeting on Friday, approving the transfer of trustees. The consent solicitation was announced on Dec. 17.

A supplemental trust deed was to be executed on Friday, and the consent fee was expected to be paid by Jan. 22.

The issues covered under the solicitation included:

• €368,327,000 2 1/8% notes due Oct. 2, 2024 (ISIN: XS1693959931);

• €221,808,000 4 3/8% undated subordinated notes (ISIN: XS1819537132);

• €335,062,000 1.45% senior notes due April 15, 2022 (ISIN: XS1894558102);

• CHF 150.7 million 1.63% senior notes due Oct. 25, 2023 (ISIN: CH0441186472);

• ₯8 billion 1.414% notes due Dec. 10, 2021 (ISIN: XS1917880012);

• ₯3 billion 1.995% notes due Dec. 8, 2028 (ISIN: XS1917855337);

• HK$450 million 4.51% senior notes due Feb. 12, 2024 (ISIN: XS1950499639);

• $376,983,000 4Ό% senior notes due March 8, 2023 (ISIN: XS1955030280);

• €550 million 4 7/8% resettable undated subordinated notes (ISIN: XS1982704824);

• HK$283 million 4.45% notes due June 6, 2026 (ISIN: XS2008905155);

• €750 million 1 5/8% senior notes due April 23, 2027 (ISIN: XS2069407786);

• £350 million 2Ύ% senior notes due Jan. 22, 2028 (ISIN: XS2106589471);

• S$150 million 5.8% resettable undated subordinated notes (ISIN: XS2106857746);

• HK$250 million 3.014% notes due Feb. 13, 2030 (ISIN: XXS2117757182;);

• €750 million 2Ύ% senior notes due May 12, 2026 (ISIN: XS21718758391); and

• €525 million 4 7/8% resettable undated subordinated notes (ISIN: XS2231191748).

HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) was the solicitation agent.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or cpi@lucid-is.com) was the information and tabulation agent.

Credit Suisse AG (+41 44 333 49 73 or newissues.fixedincome@credit-suisse.com) was the Swiss information and tabulation agent.

CPI Property is a Luxembourg-based real estate company focused on property investments in Central and Eastern Europe.

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