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Export Development Canada gives results of benchmark change meetings
Chicago, June 22 – Export Development Canada gave an update on the results of its holder meetings regarding a change in the benchmark rate underlying the notes, according to multiple press releases.
The agency was holding meetings for its £750 million floating-rate instruments due October 2022 (ISIN: XS1698135669) and the £750 million floating-rate instruments due May 2023 (ISIN: XS1824425422).
Both series currently accrue interest based on Libor plus a 10 basis points margin.
The meetings were held to approve the transition to Sonia from Libor as a benchmark rate.
For the 2023 holder meeting, the necessary quorum was achieved, and the extraordinary resolution was passed.
Pricing for the transition was scheduled to be determined at 9 a.m. ET on June 22. The transition pricing takes into account the relevant Libor plus Sonia interpolated basis, the forward start adjustment and the new margin.
For the pricing determination for the 2023 instruments, the relevant Sonia to Libor interpolated basis is 8.7 bps. The relevant forward start adjustment is 1.1 bps. And, the relevant new margin is 19.8 bps.
In terms of the 2022 instruments, a quorum was not achieved. The meeting was adjourned. A new meeting has been scheduled for 4 a.m. ET on July 9. Accordingly, the consent solicitation deadline has been extended for the 2022 instruments until 4 a.m. ET on July 7.
The solicitation agent is RBC Europe Ltd. (+44 20 7029 7031, liability.management@rbccm.com).
The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, https://deals.lucid-is.com).
Ottawa-based Export Development Canada is a Canadian government-owned export credit agency.
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