Unilever PLC and Unilever NV on May 30 commenced consent solicitations with respect to certain series of notes, in connection to the proposed simplification of Unilever's dual-parent structure into a new single parent company.
The consumer goods giant is inviting holders of certain notes with varying maturity dates to consent to certain amendments of the terms and conditions of the relevant series and related program documents pursuant to the proposed unification.
The company is seeking the approval of holders of €300 million 0.000% notes due April 2020, €750 million 1.750% notes due August 2020, €500 million 0.000% notes due July 2021, €750 million 0.500% notes due February 2022, €600 million 0.375% notes due February 2023, €500 million 1.000% notes due June 2023, €500 million 0.500% notes due August 2023, €500 million 0.500% notes due April 2024, and €650 million 0.875% notes due July 2025.
Unilever is also seeking consent from holders of €700 million 1.125% notes due February 2027, €600 million 1.000% notes due February 2027, €700 million 1.125% notes due April 2028, €750 million 1.375% notes due July 2029, €800 million 1.625% notes due February 2033, £350 million 1.125% notes due February 2022, £250 million 1.375% notes due September 2024, and £250 million 1.875% notes due September 2029.
Noteholders who validly submit their consent instruction in favor of the resolution by 4 p.m. London time on June 13 will receive an early participation fee. The amount will be equal to 0.05% of the principal amount of the notes that are subject to the consent solicitation.
Unilever Group announced its proposed simplification of the company's structure on March 15 in a bid to provide greater flexibility for strategic portfolio change and to help drive long-term performance.
The proposal will establish a single holding company for the group, with one class of shares and a global pool of liquidity. However, four shareholders last month were reported to be "extremely worried" about the move, believing that it could lead to Unilever's exclusion from the FTSE 100 index, where it is the third-largest firm.
