UK P&I Announces New Terms for Hybrid Capital

The UK P&I Club announced that it has completed the consent solicitation process on its hybrid capital bond (the Capital Securities) and has agreed with bondholders to:

(a) amend the fixed interest rate payable in respect of the Capital Securities in respect of the period from (and including) August 22, 2013 to (but excluding) 22 August 2018, to 7.5;
(b) amend the floating interest rate payable in respect of the Capital Securities in respect of each interest period commencing on or after August 22, 2018, by reference to a new margin; and
(c) replace the current first call date with a new first call date of August 22, 2018.

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