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Higher Education begins consent bid for four series of notes
By Mary-Katherine Stinson
Lexington, Ky., Feb. 16 – Higher Education Securitised Investments Series No. 1 plc announced the start of a consent solicitation for four series of mortgage-backed floating-rate notes due 2028 to approve a benchmark transition to Sonia from Libor, according to an announcement.
The consent solicitations pertain to the £101.3 million class A3 notes (ISIN: XS0085726403), the £27.3 million class A4 notes (ISIN: XS0085726585), the £20.6 million class B1 notes (ISIN: XS0085726668) and the £20.6 million class B2 notes (ISIN: XS0085726742).
The replacement of Sonia as the reference rate for the notes will also require the addition of a spread adjustment of 3.26 basis points to the existing relevant margin.
The adjusted margins would be 81.26 bps for the class A3 notes, 153.26 bps for the class A4 notes and 203.26 bps for both the class B1 notes and the class B2 notes.
In-person meetings for each class of noteholders will be held at the offices of Fieldfisher LLP in London on March 10 starting at 11:30 a.m. ET. Noteholders who wish to attend virtually must submit a request to Fieldfisher.
D.F. King is the information and tabulation agent (+44 207 920 9700, THESIS@dfkingltd.co.uk, THESIS@dfkingltd.com).
The issuer is based in London.
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