Standard Chartered announces results of CoCo consent solicitations

Lexington, Ky., Oct. 28 – Standard Chartered plc’s securityholders approved the consent solicitations for three of its existing contingent convertible securities aligning the subordinated provisions with the provisions of its more recently issued additional tier 1 capital (Ba1/BB-/BBB-) in meetings held on Thursday, according to a press release.

As the quorum was achieved, the extraordinary resolution passed and the eligibility condition was satisfied each supplemental trust deed was entered into and the changes to the conditions became effective.

By aligning the three securities with similar subordination provisions to the recent additional tier 1 capital issues, the issuer will have the mechanism to retain the securities as tier 1 capital of the group. Previously, they only qualified as such due to grandfathering provisions.

After the transitional period is completed, the securities may be recognized as tier 2 capital instead.

The consent solicitations affected the following three securities:

•The $998,995,000 currently outstanding of an original $2 billion 7.5% fixed-rate resetting perpetual subordinated contingent convertible securities (ISIN: USG84228CQ91) with a first call date on April 2, 2022;

•The $1 billion outstanding 7.75% fixed-rate resetting perpetual subordinated contingent convertible securities (ISIN: USG84228CX43) with a first par call date on April 2, 2023; and

•The S$750 million outstanding 5.375% fixed-rate resetting perpetual subordinated contingent convertible securities (ISIN: XS2013525253) with a first par call date on Oct. 3, 2024.

Securityholders who voted in favor of the extraordinary resolution before 5 p.m. ET on Oct. 19 and did not withdraw their vote were eligible to receive the early consent fee of $2.50 per $1,000 security for the dollar notes and S$2.50 per S$1,000 security for the 5.375% securities.

Securityholders who voted favorably before the final deadline of 4:30 p.m. ET on Oct. 26 were eligible to receive $1.00 per $1,000 security or S$1.00 per S$1,000 security.

Securityholders attending the meeting via teleconference were not eligible to receive consent fees.

Payments are expected to be made to eligible and ineligible securityholders on Oct. 28.

J.P. Morgan Securities LLC (866 834-4666, JPM_LM@jpmorgan.com – for the dollar dominated securities), JP Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com – for the Singapore dollar securities), Morgan Stanley & Co. LLC (866 718-1649, +44 20 7677 5040, lmgny@morganstanley.com, liabilitymanagementeurope@morganstanley.com) and Standard Chartered Bank (212 667-0351, +44 20 7885 5739, +852 3983 8658, +65 6557 8286, liability_management@sc.com) were the solicitation agents.

The information and tabulation agent was Morrow Sodali Ltd. (+44 20 4513 6933, 203 609-4910, +852 2319 4130, sc@investor.morrowsodali.com, https://bonds.morrowsodali.com/sc).

Standard Chartered is a London-based banking and financial services company focusing on Asia, Africa, and the Middle East.

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