MCB receives noteholder waiver to avoid takeover-related default

New York, Dec. 19 – MCB Treasury AB received the requested waivers from holders of its SEK 500 million asset-backed fixed-rate notes and its subordinated fixed-rate notes, according to a news release.

The waiver was approved by holders of a majority of each series of notes.

The waiver affects terms and conditions related to a potential change of control and subsequent de-listing.

MCB Treasury’s parent company, MCB Finance Group plc, announced on Nov. 18 that it received a takeover approach by International Personal Finance plc. On Friday, the companies announced they have agreed the terms of the acquisition, a transaction that will result in a change of control.

As announced on Dec. 1, MCB was seeking a waiver to avoid an event of default under the terms of the notes from the change of control.

The deadline for voting was Dec. 18, and holders had to be of record as of Nov. 21 to participate.

CorpNordic Sweden AB is the agent.

The notes were originally issued on March 7, 2012.

MCB Finance is a consumer finance company based in London that provides credit solutions to retail customers in Finland, Estonia, Latvia and Lithuania.

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