Penarth Master Issuer Adjusts Key Financial Dates and Terms
Penarth Master Issuer Updates Note Redemption Terms
LONDON - Penarth Master Issuer PLC has made important amendments to its £500,000,000 Series 2018-2 A2 Class A Asset Backed Floating Notes. These adjustments impact the redemption dates and interest margins, set to come into effect on the interest payment date in January 2025.
Extended Redemption Dates for Noteholders
The Scheduled Redemption Date has been pushed back from September 18, 2025, to September 18, 2031. Similarly, the Final Redemption Date now extends from September 18, 2027, to September 18, 2033. These changes provide noteholders additional time to manage their investments effectively.
Adjustment to Interest Margins
In addition to the extended redemption dates, the Margin of the notes will see a slight adjustment from 0.892% to 0.90%. This change will also be reflected in the loan note certificate and other related documents associated with the Class A (2018-2 A2) Loan Note of Penarth Funding 1 Limited, impacting the Loan Note Interest Rate, which will shift from Compounded Daily SONIA plus 0.892% to Compounded Daily SONIA plus 0.90%.
Implementation Timeline and Related Documents
The changes are projected to become effective on January 20, 2025, aligning with the anticipated interest payment date. These adjustments are part of a broader initiative to reassess and improve the financial terms of the notes.
Documents affected include the Class A (2018-2 A2) supplement to Global Loan Note No. 1, the Series 2018-2 A2 Note Trust Deed Supplement, the Series 2018-2 A2 Final Terms, and the Series 2018-2 A2 Reg S Global Note Certificate. This ensures that all relevant agreements reflect the updated terms.
Advice for Noteholders
Noteholders and involved parties are encouraged to consult independent financial and legal advisors to clarify any uncertainties regarding these amendments. Understanding these changes is crucial for making informed investment decisions.
Frequently Asked Questions
What changes have been made to the redemption dates?
The Scheduled Redemption Date has been extended to September 18, 2031, and the Final Redemption Date to September 18, 2033.
How has the interest margin changed?
The interest margin has been adjusted from 0.892% to 0.90%.
When will these changes take effect?
The amendments are set to become effective on January 20, 2025.
What documents will reflect these changes?
Relevant changes will be seen in multiple documents including the Class A (2018-2 A2) supplement to Global Loan Note No. 1 and the Series 2018-2 A2 Final Terms.
Should noteholders seek advice regarding these changes?
Yes, it is recommended that noteholders consult independent financial and legal counsel to understand the implications of the amendments.
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