Bakkavor Finance extends consent deadline for £350 million 8¼% notes

By Toni Weeks

San Diego, May 9 - Bakkavor Group hf subsidiary Bakkavor Finance (2) plc extended the consent solicitation deadline for the issuer's £350 million principal amount of outstanding 8¼% senior secured notes due 2018 to noon ET on May 16 from noon ET on May 9.

The issuer also amended the terms of the solicitation to remove the term "wholly owned" from the clause concerning the definition of "change of control."

As previously reported, the issuer is seeking consents to modify the definition of change of control under the notes so that Bakkavor Group can undertake corporate actions in order to re-domicile its ultimate parent company from Iceland to the United Kingdom, according to a company press release.

The company said it needs consents from holders of a majority of the outstanding notes to amend the notes.

As of 9:45 a.m. ET on May 9, the holders of more than 81% of the notes had delivered consents.

Holders who deliver their consents under the offer will receive a fee of £2.50 per £1,000 principal amount of notes.

Barclays Bank plc is the solicitation agent. Deutsche Bank AG, London Branch is the paying agent, transfer agent and tabulation agent. Deutsche Trustee Co. Ltd. is the trustee.

The issuer is a public limited company organized under the laws of England and Wales. Bakkavor Group is a Reykjavik, Iceland-based food manufacturer.

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