Meadowhall seeks consents for Sonia-based rate for class A2 bonds

Chicago, Nov. 12 – Meadowhall Finance plc announced a consent solicitation for its £41.52 million outstanding class A2 floating-rate bonds due 2037 (ISIN: XS0278327415) to modify the benchmark rate, according to an announcement.

The company seeks to base the floating rate on Sonia instead of Libor, and also add fallback provisions for the new benchmark.

The change will include a proposed 11.93 basis points reference rate adjustment.

The bonds have a step-fee rate of 33 bps per year since April 2014. The step-up fee will be unchanged.

A noteholder meeting will be held at 5 a.m. ET on Dec. 6.

Valid consent instructions should be delivered by noon ET on Dec. 1.

The implementation date, if the extraordinary resolution is passed, will be as soon as reasonably practicable and is expected to be Dec. 6.

The meeting needs a quorum, or representation from holders of at least three-quarters of the notes. If there is no quorum, the meeting will be adjourned for 13 to 42 days. A majority of three-fourths of those present needs to vote in favor of the resolution.

NatWest Markets plc is the solicitation agent (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com).

Lucid Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, meadowhall@lucid-is.com, https://deals.lucid-is.com/meadowhall).

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