LONDON - Penarth Master Issuer PLC has notified holders of its £1.3 billion Series 2013-1 A2 Class A Asset Backed Floating Notes that amendments to the terms of the notes and related documents will take effect from the January 2025 interest payment date, expected on Monday.
The London-based issuer, registered under no. 06615304, has outlined key changes to the Series 2013-1 A2 Notes, which include an extension of both the Scheduled Redemption Date and the Final Redemption Date. The Scheduled Redemption Date will move from September 18, 2025, to September 18, 2032, while the Final Redemption Date will shift from September 18, 2027, to September 18, 2034.
Additionally, the margin on the notes will increase from 0.45% to 1.00%, and the Originator Rating Trigger, a credit-related provision, will be removed.
Parallel amendments will be made to the Class A (2013-1 A2) Loan Note, affecting the redemption dates and the loan note interest rate, which will change from Compounded Daily SONIA plus 0.45% to Compounded Daily SONIA plus 1.00%, as determined by the Calculation Agent for each Loan Note Interest Period.
These modifications are part of a broader restructuring of the financial instruments under the issuer's medium-term note programme. The adjustments are expected to align the notes' terms with current market conditions and the issuer's financial strategy.
Holders of the notes and other interested parties can request copies of the amended and restated relevant documents for further details.
The information provided in this article is based on a press release statement from Penarth Master Issuer PLC.
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