St. Paul’s CLO II holders to vote on amendments to notes’ trust deed

By Wendy Van Sickle

Columbus, Ohio, Oct. 8 – St. Paul’s CLO II Ltd. seeks to amend the trust deed governing its six classes of notes due 2026, according to a notice.

Meetings will be held Oct. 30 in London to vote on an extraordinary resolution containing the proposed amendments.

The affected notes include:

• €240 million of class A secured floating-rate notes. The meeting will be held at 4 a.m. ET;

• €40 million of class B secured floating-rate notes. The meeting will be held at 4:15 a.m. ET;

• €26 million of class C secured deferrable floating-rate notes. The meeting will be held at 4:30 a.m. ET;

• €17 million of class D secured deferrable floating-rate notes. The meeting will be held at 4:45 a.m. ET;

• €15 million of class E secured deferrable floating-rate notes. The meeting will be held at 5 a.m. ET;

• €62 million of subordinated notes. The meeting will be held at 5:15 a.m. ET.

Among other things, St. Paul’s is seeking to split each class of rated notes into three sub classes with differing voting rights in compliance with the Volcker Rule.

Also, St. Paul’s seeks to clarify that only figures and percentages contained in the S&P Matrix and Fitch Tests Matrix may be amended by ordinary resolution of the controlling class in relation to modifications to the collateral quality tests. An extraordinary resolution would be required to make other changes to the collateral quality tests.

To approve the proposal, bondholders representing at least two-thirds of the bonds represented at the meeting must vote in favor of the resolution. In order to have a quorum, at least two-thirds of the outstanding principal of the bonds must be represented at the meeting.

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