Lloyd’s seeks to change listing for 2024, 2047 notes, replace Libor

By Marisa Wong

Los Angeles, Nov. 16 – Society of Lloyd’s is soliciting consents to amend its £500 million fixed-rate subordinated notes due 2024 (ISIN: XS1130913558) and £300 million fixed-to-floating callable subordinated notes due 2047 (ISIN: XS1558089261), according to a notice.

The proposed amendments would change the listing venue of the notes from the Main Market of the London Stock Exchange to the London Stock Exchange’s International Securities Market and change the reference rate for the 2047 notes to Sonia from Libor.

The issuer is offering a listing work fee of 0.1% to holders who deliver consent instructions for the listing proposal by 11 a.m. ET on Nov. 30, regardless of whether they vote in favor or against the listing extraordinary resolution.

The consent solicitation expires at 11 a.m. ET on Dec. 3.

For each class of notes, holders will vote on the extraordinary resolution at a meeting by teleconference scheduled for 6 a.m. ET on Dec. 8.

If the proposals are approved, supplemental trust deeds will be executed on Dec. 9.

Passing of the extraordinary resolution for one class of notes is not conditioned on passing of the extraordinary resolution for the other class.

The insurance and reinsurance company is based in London.

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