Associated British Ports (ABP) has secured consent from investors to switch the interest benchmark underpinning its £65m ($82.7m) floating rate notes due 2022.
At a meeting in London bondholders gave their consent to switch from the scandal-tainted Libor to the sterling overnight interbank average rate (Sonia).
ABP has exposure to Libor across a range of financial instruments and this consent is the first of its kind for the UK market as organisations start transitioning to new benchmarks, according to law firm Linklaters, which has been advising ABP on the transition.
