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Brixton seeks consents for Segro to take over 5¼% bonds, 6% bonds
By Devika Patel
Knoxville, Tenn., Nov. 5 - Brixton Ltd. said it is soliciting consents in regards to certain of its bonds to substitute Segro plc as debtor on these bonds.
Affected securities are the £150 million of 5¼% bonds due 2015 and the £210 million of 6% bonds due 2019. The two bond series would be substituted by £300 million of 6¾% Segro notes due 2021.
The company said it is convening bondholder meetings at 5 a.m. ET on Dec. 6 to consider and pass these changes. It also is soliciting consents from bondholders to approve this measure through a consent solicitation.
If the changes are approved, Segro will pay each investor who delivers consent by 11 a.m. ET on Nov. 18 a fee of £1.00 for each £1,000 of bonds, provided the resolutions are approved at the meeting.
The proposal is conditional upon Segro accepting at least 75% of each series of bonds.
Segro said that a special committee of the Association of British Insurers, who hold about 43.5% of the 5¼% bonds and 45.9% of the 6% bonds, have indicated they will vote in favor of the proposal.
Lucid Issuer Services Ltd. (+44 020 7704 0880) is the tabulation agent.
The Royal Bank of Scotland plc (+44 020 7085 9178) is the solicitation agent.
Brixton is an apparel retailer based in London. Segro is a real estate investment trust in Berkshire, United Kingdom.
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