St. Paul’s CLO II resolution passed at one of six noteholder meetings

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – St. Paul's CLO II Ltd. said holders of one of its six classes of notes due 2026 passed an extraordinary resolution to amend the notes’ trust deed at a meeting Friday, while meetings for holders of its five other classes of notes to consider the resolution failed to establish a quorum.

The extraordinary resolution was passed by holders of the issuer’s €15 million of class E secured deferrable floating-rate notes.

Meetings for the following classes of notes lacked a quorum on Friday, and adjourned meeting dates will be announced later:

• €240 million of class A secured floating-rate notes;

• €40 million of class B secured floating-rate notes;

• €26 million of class C secured deferrable floating-rate notes;

• €17 million of class D secured deferrable floating-rate notes; and

• €62 million of subordinated notes.

As previously reported, 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 meetings had to vote in favor of the resolution. In order to have a quorum, at least two-thirds of the outstanding principal of the bonds had to be represented at the meeting.

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