Sutton Bridge gets needed consents to amend 8.625%, 7.97% bonds

By Marisa Wong

Madison, Wis., Dec. 14 - Sutton Bridge Financing Ltd. announced that it received the necessary consents to approve certain amendments to its £195 million of 8.625% guaranteed secured bonds due 2022 and its $150 million 7.97% guaranteed secured bonds due 2022.

The company began a consent solicitation on Nov. 22.

Bondholders were asked to agree that, among other things, if EDF Energy Group Holdings does not own at least 10% of EDF Energy's shares, this will not constitute a breach of the bonds' terms and conditions. Investors were also asked to allow certain modifications to contracts relating to the bonds.

A bondholder meeting was held on Dec. 14. Sufficient votes were cast in favor of the proposals, and the amendments are now binding on all holders.

As previously reported, consents received prior to 5:30 p.m. ET on Dec. 3 will receive an early voting fee of 0.375% of the bonds' principal. Consents received after that time, but before Dec. 9, will receive a late voting fee of 0.25% of the principal.

The fee payments were conditioned upon the company receiving approval at the bondholders meeting.

Barclays Capital (+44 20 7773 8990 or eu.lm@barcap.com) is the solicitation agent.

The special purpose financing subsidiary of EDF Energy is based in Lincolnshire, England.

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