Sweden’s Stadshypotek updates on consent solicitations for four bonds

Chicago, April 20 – Stadshypotek AB gave an update on the consent solicitations it started on March 24 for four series of bonds, according to a notice.

The company was soliciting consents for its €500 million 0.375% covered bonds due 2024 (ISIN: XS1568860685), the €500 million 0.125% covered bonds due 2026 (ISIN: XS1499574991), the €500 million 0.75% covered bonds due 2027 (ISIN: XS1709509258) and the €100 million 1.444% notes due April 2038 (ISIN: XS1809254144).

The company was holding separate meetings on April 20 for each series for the purpose of modifying the asset pool over which each series has a statutory preferential right so that the relevant asset pool would consist of Norwegian loans and mortgages and other assets rather than Finnish loans and mortgages and other assets.

The meetings for the 2024 and 2026 bonds were successful. The necessary quorums were achieved and the extraordinary resolutions were passed.

Necessary quorums were not achieved in the meetings for the 2027 bonds and the 2038 bonds.

There will be a second set of meetings on May 4 for those bonds.

For the consent fees, there was an inter-conditionality resolution. However, this has been waived. The early consent fee will be paid to eligible holders of the 2024 and 2026 bonds on April 22.

The expiration deadline for the consent solicitations for the 2027 and 2038 bonds has been extended to 11 a.m. ET on April 28.

If successful, the consent fee payment date for those bonds will be May 6.

The consent fee is 0.1% of the nominal amount of the bonds.

The original early instruction deadline was 11 a.m. ET on April 6.

The original final expiration time was 11 a.m. ET on April 13.

The solicitation agents are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Credit Agricole CIB (+44 207 214 5733, liability.management@ca-cib.com).

Kroll Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, stadshypotek@lucid-is.com, https://deals.lucid-is.com/stadshypotek).

The issuer is a Stockholm-based mortgage company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.