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Invesco begins consent solicitation for four series of notes
By Angela McDaniels
Seattle, Oct. 22 - Invesco plc said it began a consent solicitation for its 4½% senior notes due 2009, 5 5/8% senior notes due 2012, 5 3/8% senior notes due 2013 and 5 3/8% senior notes due 2014.
On Sep. 25, the company announced a proposal to move its primary listing from the London Stock Exchange to the New York Stock Exchange and its domicile from the United Kingdom to Bermuda. If the proposal receives shareholder and U.K. court approvals, Invesco will become a direct wholly owned subsidiary of Invesco Ltd., a Bermuda corporation, and Invesco Ltd. will become guarantor of the notes.
In addition, there will be an intragroup reorganization under which some of Invesco's regulated subsidiaries doing business in the European Union will be distributed to Invesco Ltd., according to a company news release.
Invesco is asking noteholders to consent to modifications of the note indentures so that the filing of reports with the Securities and Exchange Commission by Invesco Ltd. will satisfy the requirement that Invesco provide information to the trustee and noteholders.
Invesco is also asking noteholders to allow the intragroup reorganization, although the company noted that noteholder approval is not required in order to effect the reorganization.
The consent solicitation will end at 5 p.m. ET on Nov. 1. The company needs consents from holders of at least a majority of each series of notes.
Invesco said that if it receives the required consents, noteholders who submitted consents will receive $1.25 for each $1,000 principal amount of notes.
Citi (800 558-3745 or 212 723-6106) is the solicitation agent, and Global Bondholder Services Corp. (866 873-7700 or 212 430-3774) is the information agent.
Invesco is an independent investment manager based in London.
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