Fuller, Smith & Turner seeks consents from holders of debentures due 2023, 2028

By Rebecca Melvin

Concord, N.H., May 14 – Fuller, Smith & Turner plc launched solicitations seeking approval from holders to amend the trust deeds of its £6 million 10.7% first mortgage debenture stock due 2023 and £20 million 6 7/8% debenture stock due 2028, according to a regulatory notice.

The company has agreed to reduce the deficit reduction for its defined benefit pension scheme with the company's pension scheme trustee. To support this change, the company is required to grant security over certain real estate assets in favor of the company's pension scheme trustee.

It is also seeking flexibility to grant a subordinate floating charge over the assets of the company to support any potential future refinancing requirements. Any such floating charge would rank behind the security granted by the company in favor of the stock.

The deadline for submitting consent bids for these changes is 4 a.m. and 4:10 a.m. ET on June 4 for the 2023 and 2028 securities respectively, with a meeting set for June 8 to vote on resolutions to implement the changes to the debenture stocks trust deeds.

The pub and hotel operator is based in London.

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