LONDON - Blackstone (NYSE:BX) Loan Financing Limited (LSE:BGLF) announced today that its shareholders have passed an ordinary resolution regarding the sale of preferred private notes (PPNs) during an Extraordinary General Meeting (EGM). The EGM, held earlier today, approved the disposal of 100% of the PPNs issued by BCF and held by LuxCo, a subsidiary of the company.
The resolution's proxy votes will be made available on the company's website. This sale is part of a larger proposed transaction expected to be completed by December 31, 2024, with a provision allowing the purchaser to delay the completion by up to 20 business days if necessary.
The successful passing of this resolution now paves the way for a second EGM scheduled for January 15, 2025. At this meeting, shareholders will vote on a special resolution to approve the summary winding-up of the company in accordance with the Companies (Jersey) Law 1991.
The timeline leading up to the second EGM includes several key dates, such as the suspension of trading of the company's shares on January 15, 2025, and the anticipated cancellation of the listing on January 16, 2025. The payment date for the third redemption, following the summary winding-up, is expected to be by February 4, 2025, or as soon as possible thereafter.
In light of the approved transaction, Blackstone Loan Financing Limited will no longer publish its monthly Net Asset Value (NAV), including the NAV for November 30, 2024, which was due for release today.
This development is a significant step in the ongoing restructuring of Blackstone Loan Financing Limited. Shareholders and interested parties are advised to visit the company's website for further details and updates on the transaction and the forthcoming EGM.
The information provided here is based on a press release statement from Blackstone Loan Financing Limited.
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