Cronos aims to set up Barbados branch under three asset-backed notes

By Susanna Moon

Chicago, Nov. 28 – Cronos Containers Program I Ltd. said it is soliciting consents from holders of three series of fixed-rate asset-backed notes until 5 p.m. ET on Dec. 5.

Specifically, the issuer is asking for holder approval to amend the following notes in connection with establishing a branch office in Barbados:

• $162.5 million outstanding ($300 million issued) fixed-rate asset-backed notes, series 2013-1;

• $131,551,402 outstanding ($207 million issued) fixed-rate asset-backed notes, series 2014-1; and

• $166,666,660 outstanding ($250 million issued) fixed-rate asset-backed notes, series 2014-2.

Holders must be of record as of 5 p.m. ET on Nov. 24.

To pass, the issuer must secure consents form holders of a majority of the aggregate amortized principal amount of the notes across all series, according to a company announcement.

The consent fee will be $0.50 per $1,000 amortized principal amount.

D.F. King Co., Inc. (212 269-5550, 877 478-5042 or cronos@dfking.com) is the tabulation agent. RBC Capital Markets, LLC (877 381-2099 or 212 618-7843) is the solicitation agent.

Cronos Containers is a Hamilton, Bermuda-based affiliate of container leasing company Seaco SRL. Cronos Containers and Seaco are indirect subsidiaries of China’s HNA Group Co. Ltd.

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