Global SC Finance IV Limited Commences Consent Solicitation From Holders Of Its Fixed Rate Asset-Backed Notes, Series 2017-1
HAMILTON, Bermuda, Dec. 6, 2017 /PRNewswire/ -- Global SC Finance IV Limited (the "Issuer") today announced that it has commenced the solicitation of consents from the holders of the following series of fixed rate asset-backed notes (the "Notes"):
Title of Security
(Rule 144A/Reg s)
Fixed Rate Asset-Backed Notes, Series 2017-1
37956A AA1/G39329 AA8
The consents relate to the approval by holders of the Notes of the proposed amendment (the "Proposed Amendment") to the series supplement governing the Notes to harmonize certain financial calculations in relation to a "Manager Default" with the comparable financial calculations in recent bank and other financings by affiliates of Seaco SRL ("Seaco") after the integration of the businesses of Seaco and Cronos Ltd., which was acquired by Seaco's parent company in January 2015, and reflecting Seaco's post-integration financial structure.
The consent solicitation is being made in accordance with the terms and subject to the conditions set forth in a Consent Solicitation Statement, dated December 6, 2017, and in a related Consent Letter to holders of record as of 5:00 p.m., New York City time, on December 5, 2017. The consent solicitation is scheduled to expire at 5:00 p.m., New York City time, on December 14, 2017, unless extended or earlier terminated (the "Expiration Time").
Approval of the Proposed Amendment requires the consent of the holders of not less than a majority in aggregate outstanding principal balance of the Notes (the "Requisite Consents").
If the Required Consents are received and the Proposed Amendment becomes effective, holders of Notes who validly deliver consents to the Proposed Amendment in the manner described in the Consent Solicitation Statement will be eligible to receive a consent fee equal to $1.00 per $1,000 outstanding principal balance of Notes for which consents have been validly delivered prior to the Expiration Time. Holders providing consents after the Expiration Time will not receive the consent fee. The consent fee will be paid to consenting holders as promptly as practicable after the satisfaction or waiver of the conditions to the consent solicitation, as further described in the Consent Solicitation Statement.
The consummation of the consent solicitations is subject to a number of conditions that are set forth in the Consent Solicitation Statement, including, without limitation, (1) the receipt of the Requisite Consents prior to the Expiration Time and (2) the execution and delivery of all of the Proposed Amendment by the Issuer and the trustee in respect of the Notes.
Consents will be irrevocable.
A more comprehensive description of the consent solicitation and the Proposed Amendment can be found in the Consent Solicitation Statement and related Consent Form.
The Issuer has retained D.F. King Co., Inc. to serve as its tabulation agent for the consent solicitation. Questions concerning the terms of the consent solicitation and requests for documents should be directed to D.F. King Co., Inc., 48 Wall Street, 22nd Floor, New York, New York 10005, Attention: Corporate Actions. Banks and brokers please call (212) 269-5550; all others please call (877) 478-5042 or email firstname.lastname@example.org. RBC Capital Markets, LLC is serving as the solicitation agent for the consent solicitation. Questions regarding the consent solicitation may be directed to RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843.
This press release, the Consent Solicitation Statement and related Consent Form shall not constitute an offer to sell or a solicitation of an offer to purchase any Notes or other securities. The consent solicitations are being made only by, and pursuant to the terms of, the solicitation documents, and the information in this press release is qualified by reference to the solicitation documents. No recommendation is made, or has been authorized to be made, as to whether or not holders of Notes should consent to the adoption of the Proposed Amendment. Each holder of Notes must make its own decision as to whether to give its consent to the Proposed Amendment.
About Seaco and HNA
The Issuer is an affiliate of Seaco SRL, which manages its container fleet. The Issuer and Seaco are indirect subsidiaries of HNA Group Co Ltd.
Founded as Sea Containers in 1965, Seaco has 50 years of leading change in the container leasing industry. Seaco purchases new container equipment for leasing and re-leasing to customers worldwide, providing expertise in regional/global container leasing and sales solutions.
Today, Seaco is one of the world's largest container leasing companies, providing a fleet of approximately 2.2 million TEU across a diversified fleet of Dry Boxes, Reefers, Tanks, Specials and Swapbody containers.
In 2011, Seaco was acquired by HNA Group Co Ltd. HNA is a large Chinese conglomerate engaging in transportation, logistics, tourism, hotel, property, airport management, financial services and retail. HNA is one of the Top 4 in China's aviation industry, ranking in China Top 100 Enterprises.
HNA is now a Fortune 100 Global company and is one of the largest non-government owned companies in China with approximately $30 billion in annual revenue and total assets of over $90 billion, providing a full spectrum of services in 8 major business sectors.
For further information, please contact:
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