LONDON - Penarth Master Issuer PLC has announced amendments to the terms of its £600 million asset-backed floating notes, originally due in 2021 and extended to 2025. The changes, effective from the interest payment date in January 2025, involve extending the redemption dates and increasing the margin of the notes.
The scheduled redemption date for the Series 2014-2 B1 Notes will shift from September 18, 2025, to September 18, 2032, while the final redemption date will be pushed from September 18, 2027, to September 18, 2034. In addition, the margin of the notes will increase from 1.327% to 1.50%. References to S&P as a rating agency will also be removed from the documentation.
Concurrently, amendments to the Class B (2014-2 B1) Loan Note will take effect from the loan note interest payment date in January 2025. These modifications mirror those made to the Series 2014-2 B1 Notes, including the extension of redemption dates and an increase in the loan note interest rate from compounded daily SONIA plus 1.327% to compounded daily SONIA plus 1.50%. The removal of references to S&P as a rating agency is also part of the changes.
The adjustments to both the Series 2014-2 B1 Notes and the Class B (2014-2 B1) Loan Note are aimed at aligning the terms and providing consistency across the financial instruments.
These amendments are detailed in an official notice addressed to the holders of the notes and relevant persons. The notice emphasizes that the investment activity related to these notes is available only to such relevant persons and will be engaged with them exclusively.
For investors holding these notes, the changes could have implications on the expected returns due to the altered margin and extended duration of the investment. The removal of S&P as a rating agency from the documents may also be of interest to note holders, as it could potentially affect the way the notes are assessed by the market.
This announcement is based on a press release statement and aims to provide note holders with the critical information required to understand the impact of these amendments on their investments.
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