Excalibur Funding No. 1 announces default on class A and class B notes

By Caroline Salls

Pittsburgh, Feb. 1 - Excalibur Funding No. 1 plc said an event of default has occurred on its €2.17 billion of class A notes due 2054 and €722.18 million of class B notes due 2054 as a result of a par coverage numerator falling below 100% of the principal amount outstanding on its class A notes on the last measurement date.

According to a company news release, the class A noteholders can instruct the trustee to accelerate payment on the notes at their applicable redemption prices.

Excalibur is based in London.

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