Penarth Master Issuer Adjusts Terms on £1.3bn Asset-Backed Notes By Investing.com

LONDON – Penarth Master Issuing Plc’s £1.3 billion Series 2013-1 A2 Class A Asset Backed Floating Notes Amendments to the notes and related documents will be effective from the January 2025 interest payment date. .

The London-based publisher, at no. 06615304, details key changes to the Series 2013-1 A2 Notes, which include extending both the proposed redemption date and the final redemption date. The scheduled redemption date will be moved from September 18, 2025, to September 18, 2032, while the final redemption date will be moved from September 18, 2027, to September 18, 2034.

In addition, the margin on the notes will increase from 0.45% to 1.00%, and the default rating, which is a credit-linked provision, will be eliminated.

Parallel amendments will be made to Class A (2013-1 A2) loan notes, affecting redemption dates and the loan note interest rate, which will change from Compounded Daily SONIA plus 0.45% to Compound Daily SONIA plus 1.00%, as determined by the accounting agent for each loan note’s interest period. .

These amendments are part of the restructuring of the financial instruments under the issuer’s medium-term note programme. The amendments are expected to adapt the terms of the notes to current market conditions and the financial strategy of the issuer.

Holders of the Notes and other interested parties may request a copy of the amended and restated relevant documents for additional details.

The information provided in this article is from Penarth Master Issuer Pvt.

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