Great Hall solicits consents to move to Sonia basis for nine series of notes

By William Gullotti

Buffalo, N.Y., Dec. 14 – Great Hall Mortgages No. 1 plc scheduled separate consent solicitation meetings for noteholders of nine series of notes due June 2038, according to a company release on Tuesday.

The company wants to modify the terms and conditions to change the basis of interest to Sonia from Libor, including benchmark fallback provisions for Sonia.

Listed in order of scheduling, separate meetings will be held for holders to vote on the following changes:

• £216.3 million class A2a notes (ISIN: XS0276086393) to be adjusted to Sonia plus 26.93 basis points;

• €175 million class A2b notes (ISIN: XS0276092797) to be adjusted to Sonia plus 15 bps;

• £25.8 million class Ba notes (ISIN: XS0276086989) to be adjusted to Sonia plus 37.93 bps;

• €7.5 million class Bb notes (ISIN: XS0276093332) to be adjusted to Sonia plus 25 bps;

• £11.5 million class Ca notes (ISIN: XS0276087524) to be adjusted to Sonia plus 57.93 bps;

• €8 million class Cb notes (ISIN: XS0276093928) to be adjusted to Sonia plus 45 bps;

• £6 million class Da notes (ISIN: XS0276088506) to be adjusted to Sonia plus 93.93 bps;

• €11.5 million class Db notes (ISIN: XS0276095030) to be adjusted to Sonia plus 77 bps; and

• £5.6 million class Ea notes (ISIN: XS0276089223) to be adjusted to Sonia plus 311.93 bps.

The consecutive meetings are scheduled for Jan. 6, beginning at 5 a.m. ET for the class A2a notes.

According to the announcement, the meeting times from the A2b notes onward are subject to potential delay and will begin immediately upon completion of the prior meeting.

The extraordinary resolutions require a 75% majority in favor to pass.

Valid consent instructions are due by Jan. 4, with expiration times that correspond to the note class meeting times.

The trustee and principal paying agent is Bank of New York Mellon, London Branch (+44 20 7964 2509, BNYM.Structured.Finance.Team.2@bnymellon.com).

The tabulation agent is i2 Capital Markets (+44 20 3633 1212, info@i2capmark.com, https://i2capmark.com/event-details/19/Holder/great-hall-mortgages-no.1-plc-series-2006-1).

Great Hall Mortgages No. 1 plc is a London-based mortgage company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.