Man Strategic adjourns meeting for €216 million 6% notes; quorum unmet

By Susanna Moon

Chicago, April 18 - Man Strategic Holdings Ltd., formerly Man Group plc, said it adjourned the meeting for holders of its €600 million of 6% notes due 2015 in London until May 2.

The tender offer for €216,165,000 of the outstanding notes ended at 11 a.m. ET on April 15, and Man Strategic will announce the results of the tender offer after the adjourned meeting, according to a company press release.

The settlement date has been moved to May 7 from April 23.

The meeting was postponed because there were not enough holders to form a quorum at the meeting held Thursday, the release noted.

As noted previously, the company is seeking to amend the notes to allow it to redeem all of the remaining notes after the offer ends.

The purchase price will range from 107% of par to 110% of par depending on whether the company secures approval to amend the notes, the company previously said.

The company also will pay accrued interest.

If the proposal fails to go through, the company will pay a purchase price of 107% of par plus an early tender payment of 2% to holders who tender by the early tender deadline of 11 a.m. ET on April 11.

If the proposal is adopted, holders will receive the purchase price of 107% of par, the 2% early payment plus the proposal payment of 1%.

Citigroup Global Markets Ltd. (44 20 7986 8969, attn: liability management group, email: liabilitymanagement.europe@citi.com) and Credit Suisse Securities (Europe) Ltd. (44 20 7883 7161, attn: liability management group, email: liability.management@credit-suisse.com) are the dealer managers.

Lucid Issuer Services Ltd. (44 20 7704 0880, attn: David Shilson / Paul Kamminga, email: man@lucid-is.com) is the tender agent.

The purpose of the offer and proposal is to reduce the company's gross debt and the associated gross and net interest expense, the company previously noted.

Man Strategic Holdings, formerly Man Group, is a London-based alternative investment management business.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.