LONDON - Co-operative Group Limited announced today that Co-op Funeral Plans Limited has resigned as a guarantor for several of its financial instruments. As of today, the company will no longer act as a guarantor for the 11.00% Final Repayment Subordinated Notes due 2025, the Instalment Repayment Subordinated Notes with the last payment date in 2025, and the £350 million 6.250% Guaranteed Notes due 2026.
The resignation aligns with the conditions set out in the respective notes, specifically Condition 4.4 for the Final Repayment and Instalment Repayment Notes, and Condition 3.3 for the 2026 Notes. These conditions are part of the trust deeds dated December 20, 2013, and May 25, 2011, which involve Co-operative Group Limited and the respective trustees, Law Debenture Trustees Limited and BNY Mellon (NYSE:BK) Corporate Trustee Services Limited.
The notes in question are defined by their International Securities Identification Numbers (ISINs): GB00BFXW0630 for the Final Repayment Notes, GB00BFXWHQ29 for the Instalment Repayment Notes, and XS0629974352 for the 2026 Notes. The release of Co-op Funeral Plans Limited from its guarantor responsibilities took effect on the date of the announcement.
This decision is part of the contractual obligations and rights as stipulated in the trust deeds governing the issuance of the notes. Investors and stakeholders are advised to refer to these documents for further details regarding the terms and implications of the guarantor's resignation.
The information in this article is based on a press release statement.
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