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Old Mutual gets consents from noteholders needed to avoid default
By Angela McDaniels
Tacoma, Wash., May 4 - Old Mutual plc has successfully completed the consent solicitation it began on March 15, according to a company news release.
Consents were being solicited from the holders of the following notes:
• €30 million of 3.12% fixed-rate notes due July 11, 2010;
• €10 million of 3.12% fixed-rate notes due Dec. 23, 2010;
• €20 million of 5.01% notes due Aug. 6, 2013;
• $50 million of floating-rate notes due September 2011;
• ZAR 100 million of floating-rate notes due 2011; and
• ZAR 550 million of floating-rate notes due 2010.
Holders were asked to vote in favor of extraordinary resolutions. By doing so, they agreed that the cessation of business by a principal subsidiary as a result of or in connection with any transfer, sale or disposal on arms' length terms of any or all of its undertaking or assets will not trigger an event of default under the conditions of the notes.
Those who delivered consents by the early deadline of noon ET on March 26 received an early instruction fee of 0.5% of the principal amount of notes submitted in the solicitation. Those who submitted consents after that time received 0.25%.
The resolutions were voted on during meetings in London on April 13.
The solicitation agents were Deutsche Bank AG, London Branch (liability.management@db.com), Merrill Lynch International (john.m.cavanagh@baml.com) and Nedbank Ltd. (Graham Hardy at ghardy@nedbank.co.uk). The tabulation agent was Deutsche Bank AG, London Branch (44 20 7547 5000 or xchange.offer@db.com).
Old Mutual is a London-based financial services company. Subsidiary Old Mutual Life Assurance Co. (South Africa) Ltd. is based in Pinelands, South Africa.
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