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Wasps Finance to launch consent solicitation for 6½% bonds due 2022
By Marisa Wong
Los Angeles, July 29 – Wasps Finance plc released an update on the proposed redemption and its intention to launch a consent solicitation relating to its £35 million 6½% secured bonds due May 13, 2022 (ISIN: XS1221940510).
The issuer said on Friday it has not yet been able to agree on final terms for refinancing and redeeming the bonds within the timeframe previously proposed in June.
In parallel with refinancing discussions with HSBC UK Bank plc as senior debt provider, the issuer has in recent months been pursuing different refinancing options in addition to making progress with a number of key initiatives to increase both the profitability and asset value of the group, according to Friday’s update.
The company said its board believes the appropriate course of action is to seek an extension of the bonds to allow time to complete the refinancing.
The issuer is now working on the proposed bond terms to be amended and will formally launch a consent solicitation process in August, once the proposed terms have been finalized.
In the meantime, the issuer will continue to seek to have the bonds reinstated on the London Stock Exchange. This may require approval of the consent solicitation prior to being able to do so, and the issuer is in discussions with the U.K. Listing Authority about the exact steps required for re-listing and subsequent re-admission to the stock exchange.
Bondholders will continue to receive interest for the period from May 13 on a half yearly basis until the date of redemption, the company noted.
Wasps Finance is a subsidiary of London Wasps Rugby Football Club Ltd.
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