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NIBC Bank adjourns meeting for CMS-linked perpetuals to Feb. 21
By Marisa Wong
Los Angeles, Feb. 5 – NIBC Bank NV has adjourned the meeting for holders of its $100 million outstanding CMS-linked perpetual debt securities (ISIN: XS0215294512), according to a notice.
The security holders meeting convened on Feb. 5 was adjourned due to lack of quorum. The adjourned meeting will be held at 4 a.m. ET on Feb. 21 at the offices of Clifford Chance LLP in Amsterdam.
The purpose of the meeting is to consider and pass an extraordinary resolution in connection with NIBC’s consent solicitation launched on Jan. 12.
As previously reported, the bank is asking holders to consent to the execution of the supplemental trust deed to modify the terms and conditions as follows: that the interest rate be determined by reference to the SOFR spread adjusted swap rate, beginning on the interest payment date expected to be on March 24, as opposed to being calculated using the Libor swap rate and to enact new fallback provisions relating to the SOFR ICE swap rate. Because of those changes, a contractual recognition of the bail-in clause and consequential amendments to the trust deed due to the new fallback provision are included.
The issuer will pay a consent fee to eligible security holders who submit electronic voting instructions to the tabulation agent by 11 a.m. ET on Feb. 16, extended from Jan. 31.
The consent fee will be an amount equal to 50% of the principal amount of the securities subject to the electronic voting instruction.
The fee payment date is expected to be Feb. 28.
NatWest Markets NV (+44 20 7085 6124, NWMLiabilityManagement@natwestmarkets.com) is the solicitation agent.
Kroll Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, nibc@is.kroll.com, https://deals.is.kroll.com/nibc).
The bank is based in The Hague. It was formerly known as NIBC Capital Bank NV.
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