Metro Bank bondholders approve refinancing deal
More than 75% by value have backed the deal.
According to a regulatory filing, holders of the Tier 2 debt, who are due to take a haircut of 40% on the notional amount of the instrument, and holders of the MREL senior instrument have approved the refinancing, with more than 75% by value backing the deal.
This sees the £250m fixed rate reset callable subordinated notes due June 2028 — Tier 2 — and £350m fixed rate senior notes due October 2025 — MREL — approve the capital package.
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Early participation incentives will apply to all holders, subject to completion of the transaction.
Kroll Issuer Services has been appointed to act as lock-up agent.
The deal is part of a wider package that includes £150m of new equity and a £175m MREL issuance, which has resulted in Spaldy Investments becoming the controlling shareholder of the bank, following its contribution of £102m to the share sale.
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