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Oma Savings: One consent solicitation successful, three extended
Chicago, Jan. 5 – Oma Savings Bank plc announced the results of its consent solicitation for four covered bonds as of the expiration time of 9 a.m. ET on Jan. 5, according to a press release.
One of the consent solicitations has been deemed successful and is now finished.
Noteholders have approved the amendments for the €300 million 0.125% rate covered bonds due 2024 (ISIN: FI4000378674).
Under the notice of the procedure in writing, all of the votes cast were in favor of the consent solicitation memorandum.
Noteholders will be paid a consent fee for the 2024 covered bonds on Jan. 13.
For the three other bonds that were part of the consent solicitation, the procedure in writing has not yet been quorate.
OmaSp is extending the procedure in writing and the consent deadline to 1 p.m. ET on Jan. 19.
The three bonds that the issuer is still seeking consent for are the €400 million 0.01% rate covered bonds due 2027 (ISIN: FI4000466412), €600 million 1.5% rate covered bonds due 2026 (ISIN: FI4000522974) and €250 million 0.125% rate covered bonds due 2023 (ISIN: FI4000425830).
The proposed amendments would amend the applicable law of the covered bonds to the Finnish law under the Act on Mortgage Banks and Covered Bonds (CBA), which would allow OmaSp to maintain one cover asset pool for both the covered bonds and the future covered bonds. This is only possible if the proposed amendments are implemented.
A quorum will be considered constituted if at least two persons representing at least 10% of the amount outstanding or one noteholder holding all of the principal amount of the series outstanding provide replies in the procedure in writing.
The proposed amendments will take effect on a date not yet announced.
OP Corporate Bank plc (+358 50 599 1281, liabilitymanagement@op.fi) is the consent solicitation agent and tabulation and paying agent.
OmaSp is the largest savings bank in Finland based on total assets.
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