Metro Bank bondholders approve refinancing deal

Tier 2 and MREL

Metro Bank bondholders have voted to approve the bank’s refinancing deal, offering the bank a lock-up agreement to shore up its finances.

According to a regulatory filing, holders of the Tier 2 debt, who are due to take a haircut of 40% on the notional amount of the instrument, and holders of the MREL senior instrument have approved the refinancing, with more than 75% by value backing the deal. This sees the £250m fixed rate reset callable subordinated notes due June 2028 - Tier 2 - and £350m fixed rate senior notes due October 2025 - MREL - approve the capital package. 'New chapter' as Metro Bank secures financing package Early participation incentives will apply to all holders, subject to completion of the transact...