Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support -- Update
Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support -- Update
DJ Morrisons Pension Scheme Trustees Warn of Weak Sponsor Covenant Without Support -- Update
DJ莫里森养老金计划受托人警告称，在没有支持的情况下，赞助商契约薄弱-更新
By Ian Walker and Anthony O. Goriainoff
作者：伊恩·沃克(Ian Walker)和安东尼·O·戈里安诺夫
Trustees of the Wm. Morrison Supermarkets PLC pension scheme said Tuesday that an offer for the U.K. grocer would materially weaken the program's existing sponsor covenant unless extra support is provided.
WM的受托人。莫里森超市公司(Morrison Supermarket PLC)的养老金计划周二表示，除非提供额外的支持，否则对这家英国杂货商的收购要约将大大削弱该计划现有的赞助商契约。
The trustees said the Morrison's Retirement Saver Plan and the Safeway Pension Scheme are both in surplus and benefit from freehold properties held within a funding partnership structure, but don't have enough resources to secure or "buy out" scheme benefits with an insurance company.
受托人表示，莫里森的退休储蓄计划和Safeway养老金计划都有盈余，并受益于在融资合伙结构中持有的永久保有物业，但没有足够的资源从保险公司获得或“买断”计划福利。
The schemes are therefore currently dependent on Morrison group companies contributing into the programs to support member benefits, known as the sponsor covenant.
因此，这些计划目前依赖于莫里森集团公司向计划捐款，以支持成员福利，即所谓的赞助商契约。
"Should those companies become insolvent the schemes would have unsecured creditor claims against those companies," the trustees said.
受托人表示：“如果这些公司资不抵债，这些计划将拥有针对这些公司的无担保债权人债权。”
The trustees said they are therefore focused on agreeing on extra security to provide covenant support for the schemes and have been in talks with the Fortress consortium since early July. However, the trustees said they haven't progressed talks with Clayton, Dubilier & Rice, LLP although they have had an introductory meeting with them.
受托人表示，因此，他们专注于就额外的安全措施达成一致，为这些计划提供契约支持，并自7月初以来一直在与堡垒财团进行谈判。然而，受托人表示，他们与Clayton，Dubilier&Rice，LLP的谈判没有取得进展，尽管他们已经与他们进行了介绍性会议。
"We hope agreement can be reached as soon as possible on an additional security package that provides protection for members' benefits," said Steve Southern, Chair of Trustees for the Morrison's Retirement Saver Plan and the Safeway Pension Scheme.
莫里森退休储蓄计划和Safeway养老金计划受托人主席史蒂夫·南方(Steve Southern)表示：“我们希望能尽快就额外的保障方案达成协议，为会员的福利提供保障。”
Clayton, Dubilier & Rice said late Tuesday that they have set out a number of intentions as part of the offer in relation to pension rights, the schemes' future funding arrangements, and their desire to "engage in a constructive and timely dialogue with the trustees."
Clayton，Dubilier&Rice周二晚些时候表示，他们已经提出了一些意向，作为要约的一部分，涉及养老金权利、这些计划未来的资金安排，以及他们希望“与受托人进行建设性和及时的对话”。
It added that it met with the trustees on Aug. 17 to explain their proposal and strategic vision for the business and intentions for stakeholders, noting that it had a positive discussion with them, and that the dialogue is now progressing.
该公司补充说，它在8月17日与受托人会面，解释了他们对业务的提议和战略愿景，以及利益相关者的意图，并指出与他们进行了积极的讨论，对话目前正在取得进展。
"CD&R intends to continue this dialogue to ensure that the trustees understand and support the sponsor covenant following the completion of the CD&R Offer. CD&R understands and accepts that the trustees consider this dialogue is likely to extend to considering arrangements which provide additional security to the schemes through an appropriate mitigation package," it said.
“CD&R打算继续这一对话，以确保受托人在CD&R要约完成后理解并支持保荐人契约。CD&R理解并接受受托人认为这种对话可能会扩大到考虑通过适当的缓解方案为计划提供额外保障的安排，”CD&R表示。
On Friday, Morrisons agreed to a takeover from Clayton Dubilier & Rice LLC that values it at 7 billion pounds ($9.6 billion) and withdrew its recommendation of a previous bid from a consortium led by SoftBank Group Corp.'s Fortress Investment Group LLC.
上周五，莫里森同意了对Clayton Dubilier&Rice LLC的收购，对该公司的估值为70亿英镑(合96亿美元)，并撤回了软银集团(SoftBank Group Corp.)旗下堡垒投资集团(Forresse Investment Group LLC)牵头的财团之前提出的报价建议。
The U.K. grocer and U.S. private-equity firm CD&R said late Thursday that they reached an agreement on the terms of a cash offer for 285 pence a share. This compares with the latest offer from the Fortress-led consortium of 272 pence a share, and also represents a 2.1% premium to Morrisons's Thursday closing price of 279.20 pence.
这家英国杂货商和美国私募股权公司CD&R周四晚些时候说，他们就每股285便士的现金收购要约条款达成了协议。相比之下，以堡垒为首的财团最新出价为每股272便士，较莫里森周四279.20便士的收盘价溢价2.1%。
In response, Fortress said it was considering its options in respect of its own offer. A further announcement will be made in due course, Fortress added.
作为回应，堡垒表示，它正在考虑自己的报价选择。堡垒补充说，将在适当的时候发布进一步的公告。
Write to Ian Walker at ian.walker@wsj.com and Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
写信给Ian Walker(ian.walker@wsj.com)和Anthony O.Goriainoff(anthony.orunagoriainoff@dowjones.com)
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August 24, 2021 13:04 ET (17:04 GMT)
2021年8月24日美国东部时间13：04(格林尼治标准时间17：04)
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