Great Hall starts consent solicitation for 10 series of notes

By Mary-Katherine Stinson

Lexington, Ky., Dec. 16 – Great Hall Mortgages No. 1 plc scheduled separate consent solicitation meetings for noteholders of 10 series of notes due June 2039, according to a company release on Friday.

The company wants to modify the terms and conditions to change the basis of interest to SOFR from Libor and add a spread to any dollar-denominated notes as well as seek consent for any consequential or related amendments to certain terms of the series currency Ac hedge agreement to effect the transition.

Specifically, the terms of the class Ac notes will be adjusted to SOFR plus 39.161 basis points with a spread adjustment of 26.161 bps.

Listed in order of scheduling, separate meetings will be held for the holders of the:

• £278.8 million class Aa notes (ISIN: XS0308354504);

• €30 million class Ab notes (ISIN: XS0308354843));

• $600 million class Ac notes (ISIN: XS0308462141, US39052PAA75);

• £75.2 million class Ba notes (ISIN: XS0308356970);

• £9 million class Ca notes (ISIN: XS0308357358));

• €42.1 million class Cb notes (ISIN: XS0308355733);

• £2 million class Da notes (ISIN: XS0308357788);

• €28 million class Db notes (ISIN: XS0308356111);

• £7.5 million class Ea notes (ISIN: XS0308357861); and

• €10 million class Eb notes (ISIN: XS0308356467).

The consecutive meetings are scheduled for Jan. 17, beginning at 5 a.m. ET for the class Aa notes.

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

Although the changes effect only one series of notes, the noteholders of all the series must consent to the change. The extraordinary resolutions require a 75% majority in favor to pass.

Valid consent instructions are due by Jan. 17, with expiration times that correspond to the note class meeting times.

If the consent proposals are adopted at the initial meetings, the effective date will be March 20.

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/21/Holder/great-hall-mortgages-no.1-plc-series-2007-2).

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

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