Global SC Finance IV Limited Successfully Completes Consent Solicitation From Fixed Rate Asset-Backed Note Holders

HAMILTON, Bermuda, Dec. 19, 2017 /PRNewswire/ -- Global SC Finance IV Limited (the "Issuer") today announced that it has successfully completed its previously announced solicitation of consents from the holders of the following series of fixed rate asset-backed notes (the "Notes"):

The consent solicitation was made in accordance with the terms and subject to the conditions set forth in a Consent Solicitation Statement, dated December 6, 2017 and a Supplement thereto dated December 14, 2017 and in a related Consent Letter.  The Consent Solicitation expired at 5:00 p.m., New York City time, on December 19, 2017 (the "Expiration Time").   The consents relate to the approval by holders of the Notes of the proposed amendment (the "Proposed Amendment") to the series supplement governing the Notes to harmonize certain financial calculations in relation to a "Manager Default" with the comparable financial calculations in recent bank and other financings by affiliates of Seaco SRL.  As of the Expiration Time, holders of a majority in aggregate outstanding principal balance of the Notes validly had delivered, and not revoked, consents to the Proposed Amendment.

Holders of Notes who validly delivered, and did not revoke, consents to the Proposed Amendment will receive a consent fee equal to $1.00 per $1,000 outstanding principal balance of Notes for which consents have been validly delivered prior to the Expiration Time.  The Issuer expects that payment of the consent fee will be made to the tabulation agent on December 22, 2017.

RBC Capital Markets, LLC served as the solicitation agent for the consent solicitation and D.F. King Co., Inc. served as the tabulation agent for the consent solicitation. 

About Seaco and HNA

The Issuer is an affiliate of Seaco SRL, which manages its container fleet.  The Issuer and Seaco are indirect subsidiaries of HNA Group Co Ltd.

Founded as Sea Containers in 1965, Seaco has 50 years of leading change in the container leasing industry. Seaco purchases new container equipment for leasing and re-leasing to customers worldwide, providing expertise in regional/global container leasing and sales solutions.

Today, Seaco is one of the world's largest container leasing companies, providing a fleet of approximately 2.2 million TEU across a diversified fleet of Dry Boxes, Reefers, Tanks, Specials and Swapbody containers.

Website: www.seacoglobal.com

In 2011, Seaco was acquired by HNA Group Co Ltd. HNA is a large Chinese conglomerate engaging in transportation, logistics, tourism, hotel, property, airport management, financial services and retail. HNA is one of the Top 4 in China's aviation industry, ranking in China Top 100 Enterprises.

HNA is now a Fortune 100 Global company and is one of the largest non-government owned companies in China with approximately $30 billion in annual revenue and total assets of over $90 billion, providing a full spectrum of services in 8 major business sectors. 

Website: http://www.hnagroup.com/en-us/

Contact

For further information, please contact:

RAJESH NATALI
General Manager
Seaco Barbados
DL +12462288787
M   +12462340941
F    +12462288788

SOURCE Global SC Finance IV Limited