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Brixton holders provide consents for Segro to assume two bond series
By Susanna Moon
Chicago, Dec. 6 - Brixton Ltd. said holders approved substituting Segro plc as debtor on £150 million of 5¼% bonds due 2015 and £210 million of 6% bonds due 2019.
Holders approved the change at a meeting held on Dec. 6. It was announced on Nov. 5, and holders had until 11 a.m. ET on Nov. 18 to deliver voting instructions.
As a result, Segro will pay investors who voted in favor of the change a fee of £1.00 for each £1,000 of bonds.
Brixton said on Nov. 5 that the two bond series will be substituted by £300 million of 6¾% Segro notes due 2021 if the changes were approved.
The proposal required Segro accepting at least 75% of each series of bonds.
Segro previously noted that a special committee of the Association of British Insurers, who hold 43.5% of the 5¼% bonds and 45.9% of the 6% bonds, indicated they would vote for the proposal.
Royal Bank of Scotland plc (+44 020 7085 9178) was the solicitation agent. Lucid Issuer Services Ltd. (+44 020 7704 0880) was the tabulation agent.
Brixton is an apparel retailer based in London. Segro is a real estate investment trust in Slough, England.
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