The Co-operative Bank
Press Association
5 November 2013
Three more hedge funds holding a total of £30 million of bonds today gave their backing to Co-op Bank’s refinancing plan.
J Goldman, Carlson Capital and Peak6 Advisors, who manage funds holding 15% of the 5.5555% perpetual subordinated bonds, said they will vote to support the refinancing. These are the first holders of so-called upper tier bonds to go public. The six funds which effectively blocked Co-op’s first plan but backed its revised offer all hold lower tier debt.
The debt for equity swap will see Co-op Group owning 30% of the bank while the bondholders will own the other 70%.
