Slaughter and May advised Westpac Banking Corporation.
Westpac Banking Corporation made a consent solicitation to the holders of the outstanding £500,000,000 Floating Rate Regulation S Covered Bonds Series 2018-C3 due January 2023 (the “Covered Bonds”) concerning certain amendments to the terms and conditions of the Covered Bonds and consequential or related amendments to the transaction documents for the Covered Bonds such that the existing GBP LIBOR interest basis of the Covered Bonds was replaced by a Compounded Daily Sterling Overnight Index Average interest basis.
The amendments were approved by the holders of the Covered Bonds by extraordinary resolution at a meeting on 15 April 2021 and the amendments became effective on 19 April 2021.
Slaughter and May’s team included Matthew Tobin (Picture), Partner, Xian Yeo, Associate, Ryan Law, Associate and Kazi Elias, Trainee.
Law Firms: Slaughter and May;
Clients: Westpac Banking Corporation;