St. Paul’s CLO VII pushes back meeting date for consent solicitation

By Sarah Lizee

Olympia, Wash., May 31 – St. Paul’s CLO VII DAC postponed the date of its meetings relating to the consent solicitation memorandum and proposals relating to its rated and subordinated notes due 2030, according to a notice.

Meetings for each class will be held in London on June 21, pushed back from June 7 previously.

All other information relating to the proposals is unchanged. However, the issuer said it is discussing with the transaction parties some other amendments to the proposals, and noteholders will be notified of any amendments “in due course.”

As previously reported, the issuer began a consent solicitation by which it is proposing to fully redeem its rated and subordinated notes due 2030 and issue replacement notes.

The following are affected:

• €229.4 million of class A-1 senior secured floating-rate notes;

• €10.6 million of class A-2 senior secured fixed-rate notes;

• €23.15 million of class B-1 senior secured floating-rate notes;

• €9.5 million of class B-2 senior secured fixed-rate notes;

• €21.1 million of class B-3 senior secured floating-rate notes;

• €5 million of class C-1 senior secured deferrable floating-rate notes;

• €15 million of class C-2 senior secured deferrable floating-rate notes;

• €21 million of class D senior secured deferrable floating-rate notes;

• €25.25 million of class E senior secured deferrable floating-rate notes;

• €10 million of class F senior secured deferrable floating-rate notes; and

• €43.99 million of subordinated notes.

The consent solicitation is being carried out as a result of the investment manager’s request to redeem the notes and to enter into a new securitization for the purpose of allowing retention holder Intermediate Capital Managers Ltd. to retain not less than 5% of the principal amount outstanding of each class of 2018 notes as an originator manager for the purposes of the European Union retention requirements.

If all extraordinary resolutions are passed by the noteholders, the investment manager may specify a special redemption date no later than 60 days from the date that the resolutions were passed.

The issuer said the replacement notes will be issued on the special redemption date with substantially the same terms and conditions as the notes due 2030.

The quorum required at each meeting is one or more persons holding or representing not less than 66 2/3% of the total principal amount outstanding of the notes of the relevant class.

BNP Paribas Trust Corp. UK Ltd. is the trustee.

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