L-STaRS starts solicitations to move interest rate to TORF basis

Chicago, Dec. 20 – L-STaRS One Funding Ltd. and L-STaRS Two Funding Ltd. started consent solicitations to shift the interest rate basis on their floating-rate notes to TORF from Libor, according to information from a source.

The solicitations relate to the following notes from L-STaRS One:

• ¥8.74 billion class A floating-rate secured notes due 2043;

• ¥100 million class E principal-only secured notes due 2043; and

• ¥196,572,459 class F principal-only secured note due 2043.

For the L-STaRS Two, the issuer is seeking to amend the:

• ¥25 billion class A floating-rate secured notes due 2044; and

• ¥564,466,391 class E principal-only secured note due 2044.

It is proposed that the new floating rate be based on one-month TORF multiplied by (360/365) minus 2.923 basis points and then the relevant margins for each series would be unaltered.

The meetings will start via teleconference at 5 a.m. ET on Jan. 14 and will convene at 10-minute intervals.

D.F. King Ltd. is the information and tabulation agent (+44 20 7920 9700, JPYLIBORTransition@dfkingltd.com, https://sites.dfkingltd.com/LSTARS2, https://sites.dfkingltd.com/LSTARS1).

The issue is a securitization of residential mortgage-loan receivables originated by Libertus Jutaku Loan K.K. and Lehman Brothers Commercial Mortgage K.K.

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