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Carlyle seeks to trim spread on €210 million class A floaters due 2025
By Susanna Moon
Chicago, July 29 – Carlyle Global Market Strategies Euro CLO 2013-1 BV began a written resolution seeking to amend its €210 million class A senior secured floating-rate notes due 2025.
The company is seeking holders to approve reducing the margin on its floaters by 15 basis points to 115 bps from the payment date on Aug. 17.
Carlyle also is seeking “the disenfranchising of the class A notes solely for the purposes of voting on resolutions to remove the collateral manager and to appoint a successor collateral manager,” according to a company notice.
To send consents, holders may forward the signed proposed written resolution by e-mail to Thomas.Sheehan@statestreet.com or Brandon.Gagne@statestreet.com.
Holders must “give irrevocable instructions to the relevant clearing systems to block class A notes in the securities account to which they are credited with effect from and including the day such instruction is delivered to the relevant clearing system so that no transfers may be effected in relation to the class a notes at any time after such date until the earlier of (i) the date that the proposed written resolution has been passed or (ii) two business days immediately following the approval deadline, being 21 days following the date of this resolution.
Class A notes should be blocked in accordance with the procedures of the relevant clearing system and the deadlines required by the relevant clearing system, the notice stated.
The class A notes are represented by global notes and are registered in the name of a nominee for the Bank of New York Mellon as common depositary.
State Street Bank and Trust Co. is the trustee, and CELF Advisors LLP is the collateral manager.
Carlyle Group LP is an asset management firm based in Washington, D.C.
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