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Export Development Canada gets votes to update benchmark for floaters
By Marisa Wong
Los Angeles, July 9 – Export Development Canada announced the success of the adjourned meeting for holders of its £750 million floating-rate instruments due October 2022 (ISIN: XS1698135669).
The issuer said the necessary quorum was achieved at the adjourned meeting held at 4 a.m. ET on July 9. The extraordinary resolution was passed, and the related eligibility condition was satisfied, according to a notice on Friday.
As previously announced, the issuer called meetings regarding a change in the benchmark rate underlying the floating-rate instruments due October 2022 as well as its £750 million floating-rate instruments due May 2023 (ISIN: XS1824425422).
Both series currently accrue interest based on Libor plus a margin of 10 basis points. The meetings were held to approve the transition to Sonia from Libor as a benchmark rate.
For the 2023 notes, the necessary quorum was achieved and the extraordinary resolution was passed at the original holder meeting held on June 22.
New pricing for the instruments takes into account the relevant Libor plus Sonia interpolated basis, the forward start adjustment and the new margin.
For the 2022 instruments, the relevant Sonia to Libor interpolated basis is 8 bps; the relevant forward start adjustment is 0.6 bps; and the relevant new margin is 18.6 bps. Pricing was determined after the adjourned meeting on Friday.
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. Pricing for the 2023 series was determined right after the June 22 meeting.
The solicitation agent was RBC Europe Ltd. (+44 20 7029 7031, liability.management@rbccm.com).
The tabulation agent was 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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