LONDON – Penarth Master Issuer PLC has notified holders of its £1.3bn Series 2013-1 A2 Class A Floating Notes that amendments to the terms of the Notes and related documents will take effect from the interest payment date in January 2025, which is expected on Monday.
Issuer based in London, registered under no. 06615304, described key changes to the Series 2013-1 A2 Notes, which include the extension of 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 move from September 18, 2027 to September 18, 2034.
Additionally, the margin on the bonds will increase from 0.45% to 1.00% and the originator rating trigger, the credit related provision, will be removed.
In parallel, there will be amendments to the Class A Loan Note (2013-1 A2), which will affect the redemption dates and interest rate on the loan note, which will change from Daily Compound SONIA plus 0.45% to Daily Compound SONIA plus 1.00%, as determined by the Calculation Agent for each Interest Period of the Loan.
These changes are part of a broader restructuring of financial instruments as part of the issuer’s medium-term bond program. The adjustments are expected to align the terms of the bonds with current market conditions and the issuer’s financial strategy.
Security holders and other interested parties may request copies of the amended and restated relevant documents for further details.
The information provided in this article is based on a press release by Penarth Master Issuer PLC.
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