LONDON – Penarth Master Issuer PLC has announced amendments to the terms of its £500 million Series 2014-2 C1 Class C Asset Backed Floating Notes, initially set to mature in 2021 and subsequently extended to 2025. The changes, which will take effect on the January 2025 interest payment date, are expected to occur today.
The modifications include extending the Scheduled Redemption Date from September 18, 2025, to September 18, 2032, and the Final Redemption Date from September 18, 2027, to September 18, 2034. Additionally, the Margin of the notes will be increased from 1.827% to 2.00%. The amendments also entail the removal of references to Standard & Poor’s as a rating agency in the documentation related to the notes.
The adjustments will also affect the associated loan note certificate for the Class C £120 million Series 2014-2 C1 Loan Note of Penarth Funding 1 Limited. The Loan Note Interest Rate will shift from Compounded Daily SONIA plus 1.827 percent to Compounded Daily SONIA plus 2.00 percent, as determined by the Calculation Agent for each Loan Note Interest Period.
These changes reflect the Issuer’s ongoing management of its debt instruments under its medium-term note program. The company has advised note holders and relevant parties to seek independent financial and legal counsel to understand the implications of these amendments.
For those interested in obtaining further details or copies of the amended and restated Relevant Documents, the Issuer has made provisions for such requests. This notice is based on a press release statement and is intended for the registered and beneficial owners of the notes, as well as other relevant persons as defined by law.
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