LONDON – Penarth Master Issuer PLC, a securitization entity incorporated in England and Wales, has announced amendments to its £500 million asset-backed floating notes, affecting the note’s redemption dates and interest margins. The changes are set to take effect from the interest payment date expected on January 20, 2025.
The Series 2019-1 A3 Class A Asset Backed Floating Notes, originally due in 2024 and previously extended to 2025, will now have their scheduled redemption date extended from May 18, 2025, to September 18, 2031. Furthermore, the final redemption date is set to be pushed back from May 18, 2027, to September 18, 2033.
Alongside the extension of the redemption dates, there will also be an increase in the margin of the notes from 0.60 percent to 0.90 percent. This adjustment will affect the overall return for noteholders from the date the amendments come into force.
The amendments will similarly apply to the corresponding loan note certificate, known as the Class A (2019-1 A3) Loan Note, with the loan note interest rate changing from Compounded Daily SONIA plus 0.60 percent to Compounded Daily SONIA plus 0.90 percent, as determined by the Calculation Agent for each interest period.
These changes are part of a broader restructuring of the Relevant Receivables Trust Documents and Relevant Issuer Documents, which govern the terms and conditions of the notes. The modifications are aimed at aligning the terms of the notes and loan certificates with the new redemption and interest rate terms.
The announcement is of particular interest to registered and beneficial owners of the notes, as well as potential investors who qualify as “relevant persons” under the regulatory framework. The notice emphasizes that the investment opportunities pertaining to these notes are available only to such relevant persons.
Penarth Master Issuer PLC has advised noteholders and relevant parties to seek independent financial and legal advice to understand the implications of these amendments, including any tax consequences. The company has also made provisions for the amended and restated Relevant Documents to be available for further review.
This news is based on a press release statement from Penarth Master Issuer PLC.
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