Wasps makes progress on refinancing 6½% bonds, in talks with lender

By Marisa Wong

Los Angeles, Sept. 2 – Wasps Finance plc gave an update on Friday on the refinancing and redemption of its £35 million 6½% secured bonds due May 13, 2022 (ISIN: XS1221940510).

On July 29 the issuer stated its intention to seek an extension of the bonds to allow time for the completion of the refinancing while also continuing to pursue alternative refinancing options.

The company said it has made progress with these alternative options and confirms that it has received an offer which would see the bonds fully redeemed on completion of this refinancing. Discussions with this lender are at an advanced stage, according to Friday’s announcement.

The issuer remains in discussions with the U.K. Listing Authority in relation to the relisting and subsequent readmission of the bonds to the London Stock Exchange; however, there is no guarantee that this process will be concluded before the completion of this proposed refinancing.

In parallel with these discussions, the company is proceeding with developing the proposed bond terms to be amended as part of any consent solicitation memorandum, should these refinancing discussions not be completed, according to Friday’s notice.

The company said it acknowledges that this represents a further delay for bondholders and thanks them for their continued patience.

Bondholders will continue to receive interest for the period from May 13 on a half-yearly basis until the date of redemption.

Wasps Finance is a subsidiary of London Wasps Rugby Football Club Ltd.

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