Dignity seeks consents to amend class A 6.31%, class B 8.151% notes

By Susanna Moon

Chicago, Aug. 26 - Dignity Finance plc said it will hold a meeting on Sept. 17 to solicit consents to amend its £155.55 million of class A secured 6.31% notes due 2023.

The resolution will be put to the class A noteholders as an extraordinary resolution under the terms of the trust deed constituting the class A notes and the £132.5 million of class B secured 8.151% notes due 2031.

Under the terms of the trust deed, any approved resolution will also be binding on the class B noteholders.

If the resolution is passed, holders will have the opportunity to receive an early instruction fee of 0.25% and a late instruction fee of 0.1% following the implementation of the proposals.

The company is soliciting consents for:

• Amendments to permit members of the Dignity Group to make acquisitions or carry out developments, hold and acquire assets, transfer excess funds and perform other specified activities;

• Amendments of a mechanical and administrative nature that would allow the Dignity Group to operate even more efficiently; and

• Waivers and consents to amendments under the issuer/borrower loan agreement and the subordination deed to permit the company, should it choose to proceed with the tap issue of further class A notes and class B notes to use part of the proceeds to fund a distribution to Dignity plc shareholders.

The company said the amendments would increase flexibility "to optimize the opportunities available to it to expand its business, manage its administration more efficiently and manage the respective businesses of its members in a more effective manner."

Royal Bank of Scotland plc (+44 20 7085 9178/8056 or e-mail: liabilitymanagement@rbs.com, attn.: Tom Sermon or Andrew Burton) is the consent solicitation agent.

The Bank of New York Mellon, London Branch (+44 20 7964 4958, e-mail eventsadmin@bnymellon.com or fax +44 20 7964 2536, attn.: CT Events Administration) is the tabulation agent. Dignity plc is a Sutton Coalfield, England-based holding company. The company, along with its subsidiaries, provides funeral services, including funeral directing, crematoria operation and the marketing and administration of pre-arranged funeral plans.

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