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ResLoC UK seeks consents to change benchmark rates
Chicago, April 13 – ResLoC UK 2007-1 plc started separate consent solicitations to amend the benchmark rates for its sterling and dollar notes, according to an announcement.
Not only would the rates change, but there would also be additional fallback language added to the documentation for each series.
The sterling notes would switch to a Sonia basis from a sterling Libor basis and the dollar notes would switch to SOFR from a Libor basis, with any appropriate reference rate adjustment to account for the economic difference between rates.
The consent solicitations relate to the following notes, all due 2043:
• £64,769,239.92 outstanding class A3b notes;
• $47,835,225 outstanding class A3c notes;
• £26,678,328.48 outstanding class M1b notes;
• £5,146,282.50 outstanding class B1b notes;
• £3,602,397.75 outstanding class C1b notes;
• £7,822,349.40 outstanding class D1b notes; and
• £3,408,897.65 outstanding class E1b notes.
Several notes in the portfolio are euro-denominated and interest is based on Euribor. No changes are suggested for those notes.
Meetings will be held on May 10. Quorums representing 75% of the outstanding principal amount of the notes are needed at the meetings with a majority of noteholders voting for the changes.
The voting deadline is noon ET on May 5.
Meetings start at 5 a.m. ET on May 10.
Morgan Stanley & Co. International plc is the solicitation agent (+44 20 7677 7799, liabilitymanagementeurope@morganstanley.com).
Kroll Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, resloc@is.kroll.com, https://deals.is.kroll.com/resloc).
The portfolio is backed by a pool of mortgages.
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