Merlin adjourns bondholder meetings for seven series to June 1

By Marisa Wong

Los Angeles, May 18 – Merlin Properties, Socimi, SA is calling adjourned meetings for each of the seven series under its previously announced consent solicitations to convert those bonds into green bonds, according to a notice on Wednesday.

The adjourned meetings will be held on June 1.

Accordingly, each consent solicitation reopened on May 18 and will expire at 6:30 a.m. ET on May 30.

As announced on April 25, Merlin is seeking approval from holders of each of the following series:

• €850 million 2.225% bonds due April 25, 2023 (ISIN: XS1398336351), with €742,786,000 outstanding;

• €600 million 1.75% bonds due May 26, 2025 (ISIN: XS1619643015), all of which is outstanding;

• €800 million 1.875% bonds due Nov. 2, 2026 (ISIN: XS1512827095), all of which is outstanding;

• €500 million 2.375% bonds due July 13, 2027 (ISIN: XS2201946634), all of which is outstanding;

• €300 million 2.375% bonds due Sept. 18, 2029 (ISIN: XS1684831982), all of which is outstanding;

• €500 million 1.375% bonds due June 1, 2030 (ISIN: XS2347367018), all of which is outstanding; and

• €600 million 1.875% bonds due Dec. 4, 2034 (ISIN: XS2089229806), all of which is outstanding.

Each consent solicitation was originally set to expire at 6:30 a.m. ET on May 16, and the general meeting of bondholders for each series was previously scheduled for May 18.

Each meeting originally required a quorum of one or more persons holding or representing a majority in principal amount of the relevant bonds. For the adjourned meeting, however, the quorum will be one or more persons holding any principal amount of the outstanding bonds.

The majority required to pass the resolution presented at each meeting is three quarters of the votes cast.

The company said it is not offering bondholders a fee for consents.

Credit Agricole CIB (+44 20 7214 5733, attn.: liability management, liability.management@ca-cib.com) is the consent solicitation agent.

Kroll Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson, merlin@is.kroll.co) is the tabulation and information agent.

Merlin Properties is a real estate investment trust based in Madrid.

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