St. Paul’s CLO III to hold meetings for four classes of notes Nov. 23

By Wendy Van Sickle

Columbus, Ohio, Nov. 12 – St. Paul's CLO III Ltd. announced a series of adjourned meetings will be held on Nov. 23 for holders of four classes of notes due 2028 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, three classes of noteholders approved the measure, but a quorum was not achieved in the other four classes.

The adjourned meeting times are

• €64.9 million of class B secured floating-rate notes, 4:00 a.m. ET;

• €26.4 million of class D secured deferrable floating-rate notes, 4:15 a.m. ET;

• €33 million of class E secured deferrable floating-rate notes, 4:30 a.m. ET; and

• €15.4 million of class F secured deferrable floating-rate notes, 4:45 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 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 €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.

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