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Lloyd’s provides results for solicitation for subordinated notes
Chicago, Dec. 8 – Society of Lloyd’s announced the results of its consent solicitation for 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 company was seeking amendments to 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.
At all three of the meetings on Wednesday, noteholders representing more than 50% of the principal amount of the notes were represented and, in each case, more than 75% of those eligible noteholders voted in favor of the relevant extraordinary resolution.
The notes will be relisted on the Securities Market on Dec. 10.
The listing working fee of 0.1% to holders who delivered consent instructions for the listing proposal by 11 a.m. ET on Nov. 30, regardless of whether they voted in favor or against the listing extraordinary resolution, will be paid on Dec. 15.
Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Goldman Sachs International (+44 20 7051 7385, liabilitymanagement.eu@gs.com) were the solicitation agents.
Lucid Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, Lloyds@lucid-is.com).
The insurance and reinsurance company is based in London.
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