Case Studies
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Centrus advises Greene King on consent to remove Ambac wrap from Spirit bonds

Centrus is pleased to have advised Greene King on their successful consent solicitation process that will lead to the removal of Ambac from their £740m Spirit securitisation, the results of which were announced on the 22nd of August.

Bondholders of the two Ambac wrapped bonds voted unanimously to allow the release of the guarantee. This eliminates redundant credit enhancement from the capital structure, yielding a considerable cost saving while simplifying the securitisation and allowing the Issuer to interact directly with bondholders going forward.