KCRC and MTRC move a step closer to merger

KCRC seeks consent from its bondholders for the proposed merger, while MTRC waits for shareholder approval.

Kowloon-Canton Railway Corporation KCRC began the process of seeking consent from its bondholders in Hong Kong on Monday for the proposed merger with MTR Corporation. KCRC has retained HSBC to act as its sole solicitation agent.

KCRC wants to amend certain terms and conditions of the companyƆs outstanding bond issues, including event of default, provision and consolidation clauses. Consenting KCRC bondholders will receive a one-time payment of 0.25% per nominal of the principal.

MTRC, meanwhile, is awaiting approval for...

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