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St. Paul’s CLO II to hold meetings for five classes of notes on Dec. 4
By Wendy Van Sickle
Columbus, Ohio, Nov. 12 – St. Paul's CLO II Ltd. announced a series of adjourned meetings will be held on Dec. 4 for holders of five classes of its notes due 2026 to vote on an extraordinary resolution to amend the notes’ trust deed.
As previously reported, at a series of meetings on Oct. 30 in Oslo for noteholders to consider the extraordinary resolution, one class of noteholders approved the measure, but a quorum was not achieved in the other five classes.
The adjourned meeting times are
• €240 million of class A secured floating-rate notes, 4:00 a.m. ET;
• €40 million of class B secured floating-rate notes, 4:15 a.m. ET;
• €26 million of class C secured deferrable floating-rate notes, 4:30 a.m. ET;
• €17 million of class D secured deferrable floating-rate notes, 4:45 a.m. ET; and
• €62 million of subordinated notes, 5:15 a.m. ET.
Among other things, St. Paul’s is seeking to split each class of rated notes into three subclasses 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 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 meetings.
The extraordinary resolution was passed by holders of the issuer’s €15 million of class E secured deferrable floating-rate notes.
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