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St. Paul’s CLO III measure OK’d by three of seven sets of noteholders
By Wendy Van Sickle
Columbus, Ohio, Nov. 2 – St. Paul's CLO III Ltd. said holders of three of its seven classes of notes due 2028 passed an extraordinary resolution to amend the notes’ trust deed at a meeting Friday, while meetings for holders of its four other classes of notes to consider the resolution failed to establish a quorum.
The extraordinary resolution was passed by holders of the issuer’s €326.7 million of class A secured floating-rate notes, its €32.4 million of class C secured deferrable floating-rate notes and its €62 million of subordinated notes.
Meetings for the following classes of notes lacked a quorum on Friday, and adjourned meeting dates will be announced later:
• €64.9 million of class B secured floating-rate notes;
• €26.4 million of class D secured deferrable floating-rate notes;
• €33 million of class E secured deferrable floating-rate notes; and
• €15.4 million of class F secured deferrable floating-rate 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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