Penarth Master Issuer extends asset-backed notes to 2033 Via Investing.com
LONDON – Penarth Master Issuer PLC, a securities firm incorporated in England and Wales, has announced amendments to its £500 million floating rate notes, affecting the note’s maturity date and interest margin. The changes will take effect from the expected interest payment date of 20 January 2025.
The Series 2019-1 A3 Class A Asset Backed Floating Notes, due 2024 and previously extended to 2025, will now extend their scheduled exercise date from May 18, 2025, to September 18, 2031. In addition , the last date for redemption will be postponed from May 18, 2027, to September 18, 2033.
Along with the extension of redemption dates, there will also be an increase in the note limit from 0.60 percent to 0.90 percent. These amendments will affect all returns to noteholders as of the date the amendments become effective.
The amendments will apply similarly to the corresponding loan note certificate, known as the Class A Loan Note (2019-1 A3), with the interest rate of the loan note changing from SONIA Daily Compound plus 0.60% to SONIA Daily Compound plus 0.60% 0.90, as determined. By the Calculation Agent for each interest period.
These changes are part of a broader restructuring of the Qualifying Acquisition Documents and the Qualifying Issuing Documents, which govern the terms and conditions of the notes. The changes are intended to align the terms of the notes and loan certificates with the new terms of use and interest rates.
This announcement is of particular interest to registered and beneficial owners of the notes, as well as to potential investors who qualify as “eligible persons” under the regulatory framework. The notice emphasizes that investment opportunities relating to these notes are available only to such eligible persons.
Penarth Master Issuer PLC has advised noteholders and relevant entities to seek independent financial and legal advice to understand the implications of these amendments, including any tax consequences. The Company also makes provisions for the Key Documents to be amended and re-updated so that they are available for review.
This news is based on a press release from Penarth Master Issuer PLC.
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