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Oma consent solicitation successful for remaining covered bonds
By Mary-Katherine Stinson
Lexington, Ky., Jan. 20 – Oma Savings Bank plc announced the results of its consent solicitation for the remaining three covered bonds as of the extended expiration time of 1 p.m. ET on Jan. 19, according to a press release.
Under the notice of the procedure in writing, all of the votes cast were in favor of the consent solicitation memorandum thereby ensuring the success of the consent solicitation.
The consent solicitation was extended as the bank was still seeking consent for its €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).
As previously reported, the proposed amendments amended 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 was only possible with the implementation of the proposed amendments.
The amendments will take effect on Jan. 20.
The payment date for the consent fee for the covered bonds due 2027, 2026 and 2023 will be Jan. 26.
One of the consent solicitations had been deemed successful with all of the votes cast in favor of the consent solicitation by the original expiration date of Jan. 5, as noteholders approved the amendments for the €300 million 0.125% rate covered bonds due 2024 (ISIN: FI4000378674).
Noteholders were paid a consent fee for the 2024 covered bonds on Jan. 13.
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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