| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Mitchells & Butlers Finance plc > News item |
Mitchells & Butlers begins consent solicitation for three notes
Chicago, Nov. 12 – Mitchells & Butlers Finance plc launched a consent solicitation for three classes of notes, according to a notice.
The consent solicitation will cover £200 million of class A1N secured floating-rate notes due 2030, £550 million of class A2 secured 5.574% notes due 2030 and £170 million of class A4 secured floating-rate notes due 2030.
The issuer is seeking consents for the release of Ambac Assurance UK Ltd. from its rights and obligations under the Ambac financial guarantee in respect of the class A1N notes, the class A2 notes and the class A4 notes, and to make any consequential technical amendments necessary to the transaction documents in order to reflect such release.
The rationale for the proposal is that the release would remove a superfluous layer of credit enhancement that was originally provided to increase the ratings of the notes that is no longer necessary.
Additionally, the fees the issuer needs to pay Ambac would be reduced, resulting in higher cashflows available to secured creditors generally.
A consent fee of 0.2% of the principal amount of each class of notes will be paid to noteholders who deliver a valid electronic voting instruction by the early instruction deadline at 5 p.m. ET on Nov. 25. Payment of the early instruction fee will take place on Dec. 13.
The final expiration time is 5 p.m. ET on Dec. 10.
A series of meetings will be held on Dec. 12 regarding the consents.
Morgan Stanley & Co. International plc (liabilitymanagementeurope@morganstanley.com) is the solicitation agent.
Lucid Issuer Services Ltd. (mbplc@lucid-is.com or +44 20 7704 0880) is the tabulation agent.
Mitchells & Butlers runs approximately 1,784 managed pubs, bars and restaurants throughout the United Kingdom and is based in Birmingham, England.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.