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Arqiva launches consent solicitation for 4.04%, 4.882%, 5.34% notes
By Sarah Lizee
Olympia, Wash., May 11 – Arqiva Financing plc announced a consent solicitation for its £350 million 4.04% notes due 2035 (ISIN: XS0895821055), its £400 million 4.882% notes due 2032 (ISIN: XS0895820834) and its £164 million 5.34% notes due 2037 (ISIN: XS1024447010).
Arqiva is proposing to sell its telecommunications towers business to Cellnex UK Ltd. In relation to this, the company has undertaken a corporate reorganization of the senior financing group, by separating its telecoms towers business from its other businesses and consolidating the tower assets into an existing entity within the senior financing group, Arqiva Services Ltd., and some subsidiaries of Arqiva Services.
On Oct. 8, Arqiva Holdings Ltd. entered into a share purchase agreement with Cellnex UK and has agreed, subject to the satisfaction of some conditions, to dispose of Arqiva Services and its subsidiaries at completion under the share purchase agreement. Any assets which are not tower assets will remain within the senior financing group after the disposal. One of the conditions to the disposal under the share purchase agreement is the passing of a resolution by Arqiva’s secured creditors approving the disposal. Therefore, the company launched an STID proposal to seek consents.
The issuer is offering a 15 basis point instruction fee to holders who deliver voting instructions by 11 a.m. ET on May 20.
The consent bid will expire at 11 a.m. ET on May 28.
Banco Santander, SA (+44 7418 709 688, +44 7742 403 679, Tommaso.grospietro@santandercib.co.uk, adam.crocker@santandercib.co.uk) and Merrill Lynch International (+44 20 7996 5420, DG.LM-EMEA@bofa.com) are the solicitation agents.
Lucid Issuer Services Ltd. (+44 20 7704 0880, arqiva@lucid-is.com) is the tabulation agent.
The issuer is a Winchester, England-based provider of broadcast infrastructure.
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