Noteholder resolutions were passed which allow 360 Capital to redeem its September 2019 notes and enable a takeover by Centuria Funds Management
In November, 360 Capital proposed two noteholder resolutions to give it the right to redeem all of its outstanding 6.90% September 2019 notes and enable a proposed takeover by Centuria Funds Management. The first resolution gives 360 Capital the ability to redeem the notes on or before 31 January 2017, at a redemption price of $104 plus accrued interest. The second resolution will assist the transaction by allowing for substitution of the responsible entity of the Trust.
The resolutions, which required a majority consisting of 75% or more of the votes, were passed.
In a statement, the company said that subject to settlement of the Centuria transaction, it is expected bondholders will be repaid at settlement currently scheduled for 9 January 2017.
The approval of bondholders was one of the conditions precedent to the sale to Centuria. Other major conditions precedent to be satisfied are group security holder approval of the change of responsible entity to 360 Capital FM Limited on 23 December 2016, and 360 Capital office fund unitholders approving the sale of the group’s 28.8% interest on 30 December 2016.
The ASX announcement is available here.
Director - Credit Research, Industrials and Corporates. Will has over 15 years’ experience in credit and fixed income markets, including 6 in London, working at fund managers, banks and government treasury.