Shaftesbury mortgage bonds are putable due to change of control

By Mary-Katherine Stinson

Lexington, Ky., March 9 – Shaftesbury plc notified bondholders that a change-of-control put event occurred which impacts two series of mortgage bonds, according to notices filed with the London Stock Exchange.

The bonds subject to the change-of-control event are the £290 million 2.348% first mortgage bonds due 2027 (ISIN: XS1667074121) guaranteed by Shaftesbury plc and issued by Shaftesbury Chinatown plc and the £285 million 2.487% guaranteed first mortgage bonds due 2031 (ISIN: XS1493395070) guaranteed by Shaftesbury plc and issued by Shaftesbury Carnaby plc.

The put period begins on March 9 and ends on April 8.

Bondholders have the right to require the issuer to redeem the bonds at the nominal amount together with interest accrued to, but excluding, the change of control put date of April 17.

Bondholders wishing to exercise their put option must submit an electronic notice to the principal paying agent Elavon Financial Services DAC, UK Branch. Each electronic notice is irrevocable and must state the nominal amount of bonds for which the option is being exercised.

The event was triggered by the March 6 completion of the recommended all-share merger of Shaftesbury and Capital & Counties Properties plc (Capco) by means of a court-sanctioned scheme of arrangement, resulting in the Capco group owning 100% of the issued share capital of Shaftesbury.

M&G Trustee Co. Ltd. is the trustee for the bonds.

Shaftesbury is a London-based real estate investment trust.

© 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.