TIDM91AG
RNS Number : 2471L
Permanent Master Issuer PLC
04 September 2019
PERMANENT MASTER ISSUER PLC
(incorporated in England and Wales, Registered No. 05922774)
35 Great St Helen's
London EC3A 6AP
(the Master Issuer)
4 September 2019
GBP500,000,000 2011-2 Series 3 Class A Notes due 2021
(Reg S ISIN: XS0700016834)
EUR500,000,000 2015-1 Series 1 Class A3 Notes due 2020
(144A ISIN: XS1307150109 and Reg S ISIN: XS1307149432)
GBP1,000,000,000 2015-1 Series 1 Class A4 Notes
(ISIN: XS1302965998)
GBP370,000,000 2015-1 Series 1 Class B Notes
(ISIN: XS130259082)
GBP270,000,000 2015-1 Series 1 Class M Notes
(ISIN: XS1302957037)
GBP370,000,000 2015-1 Series 1 Class C Notes
(ISIN: XS1302936031)
GBP250,000,000 2016-1 Series 1 Class A1 Notes due January
2020
(ISIN: XS1515230990)
GBP1,750,000,000 2016-1 Series 1 Class A2 Notes
(ISIN: XS1515233663)
$1,000,000,000 2018-1 Series 1 Class A1 Notes due 2020
(144A ISIN: US71419GAX88 and Reg S ISIN: XS1835961878)
GBP500,000,000 2018-1 Series 1 Class A2 Notes due 2021
(144A ISIN: XS1836233038 and Reg S ISIN: XS1835962173)
GBP1,000,000,000 2018-1 Series 1 Class A3 Notes
(Reg S ISIN: XS1835962330)
(together, the " Notes")
PERMANENT MASTER ISSUER PLC RESIDENTIAL MORTGAGE BACKED NOTE
PROGRAMME - AMENDMENTS TO THE PROGRAMME
NOTICE IS HEREBY GIVEN TO HOLDERS OF THE NOTES THAT:
The following modifications have been made to the Transaction
Documents under the Programme including certain related and
consequential amendments necessary to give effect to the main
amendments described in paragraphs 1.1 to 1.4 below.
Unless otherwise stated below and except in respect of the
amendments to the Programme Agreement (which have become effective
on or about 3 September 2019), the amendments to the Relevant
Documents (as defined in section 2 below) will become effective on
or about the date of closing of the first series of notes to be
issued by the Master Issuer following the date hereof.
1.1.Compliance with the Securitisation Regulation
The Relevant Documents have been amended to ensure that the
Programme complies with Regulation (EU) 2017/2402 (the
Securitisation Regulation).
1.2 STS Requirements
The Relevant Documents have been amended to ensure that the
Programme complies with, and is eligible for designation under the
'simple, transparent and standardised' (STS) framework of the
Securitisation Regulation.
1.3 Cessation of IBOR
The Relevant Documents have been amended to reflect the
potential cessation or discontinuance of LIBOR.
Specifically:
(a) The Funding 2 Z Loans and the Funding 2 Start-Up Loans have
been amended to change the interest rate from LIBOR to SONIA;
(b) The Master Intercompany Loan Agreement has been amended to
enable Loan Tranches which pay a SONIA rate;
(c) A new swap (the Funding 2 SONIA Swap) has been executed
pursuant to which Funding 2 will hedge its obligations to pay
interest on advances under the Loan Tranches under the Master
Intercompany Loan Agreement and the Funding 2 Z Loans that
reference SONIA (as opposed to those that reference LIBOR, which
will remain hedged by the existing Funding 2 Swap).
(d) Certain changes will be made to the Terms and Conditions to
allow for Notes to pay interest calculated by reference to SONIA
and to provide for amendments to be made in respect of the interest
rate provisions of any U.S. dollar denominated notes to be issued
by the Master Issuer.
1.4 Rating Criteria
The Relevant Documents have been amended to introduce updates to
the rating criteria (Rating Criteria Swap Amendments). The Rating
Criteria Swap Amendments have become effective on or about 3
September.
2. Amendments to the Transaction Documents
In order to implement the amendments, the following Transaction
Documents have been amended and/or restated or supplemented:
(a) Mortgages Trust Deed;
(b) Mortgage Sale Agreement;
(c) Servicing Agreement;
(d) Funding 2 Deed of Charge;
(e) Master Definitions and Construction Schedule;
(f) Cash Management Agreement;
(g) Master Issuer Trust Deed;
(h) Master Issuer Cash Management Agreement;
(i) Master Issuer Master Definitions and Construction Schedule;
(j) Master Intercompany Loan Agreement;
(k) Programme Agreement;
(l) Funding 2 Start-up Loan Agreements;
(m) Funding 2 Z Loan Agreement;
(n) Funding 2 Z Loan Supplements;
(o) Funding 2 Swap Agreement; and
(p) Master Issuer Swap Agreements.
(collectively, the Relevant Documents).
Capitalised terms used, but not defined, herein shall have the
meanings given to them in the form of the Amended and Restated
Master Definitions and Construction Schedule related to the
Permanent Master Issuer plc securitisation programme (the
Programme) dated 14 November 2016 (as the same may be amended,
restated, varied and/or supplemented from time to time, the Master
Definitions and Construction Schedule) or, as applicable, the
Amended and Restated Master Issuer Master Definitions and
Construction Schedule dated 28 March 2013 (as the same may be
amended, restated, varied and/or supplemented from time to time,
the Master Issuer Master Definitions).
Copies of the Relevant Documents will be available for
inspection by Noteholders at the specified offices of the Master
Issue Principal Paying Agent set out below: Citibank, N.A. London
Branch.
Canada Square
Canary Wharf
London E14 5LB
For the attention of: Agency and Trust
For further information, please contact:
Permanent Master Issuer plc
c/o Intertrust Corporate Services Limited
35 Great St. Helen's
London EC3A 6AP
Telephone : 020 7398 6300
Fax : 020 7398 6325
Disclaimer - Intended Addressees
Please note that the information contained in this announcement
may be addressed to and/or targeted at persons who are residents of
particular countries (specified in the Base Prospectus) only and is
not intended for use and should not be relied upon by any person
outside these countries and/or to whom the offer contained in the
Base Prospectus is not addressed. Prior to relying on the
information contained in the Base Prospectus you must ascertain
from the Base Prospectus whether or not you are part of the
intended addressees of the information contained therein.
Your right to access this service is conditional upon complying
with the above requirement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRCKQDKQBKDOCK
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September 04, 2019 10:11 ET (14:11 GMT)
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