Lanark Master Issuer PLC Lanark 2019 - Consent Solicitation Pricing Ann. (3312B)
29 1월 2020 - 11:01PM
UK Regulatory
TIDM83NO
RNS Number : 3312B
Lanark Master Issuer PLC
29 January 2020
NOTICE IN RESPECT OF PROPOSED BASE RATE MODIFICATION AND NOTICE
OF ADJUSTED MARGINS
29 January 2020
LANARK MASTER ISSUER PLC
(incorporated in England and Wales with limited liability under
registered number 6302751)
(the "Issuer")
NOTICE
to the holders of the following Notes:
Common Code Aggregate
Description of ISIN Reg S / Rule Principal
Notes Reg S / Rule 144A 144A Amount Outstanding
---------------------- ---------------------------- ---------------------- --------------------
GBP800,000,000 XS1639251922 / XS1639368957 163925192 / 163936895 GBP800,000,000
Series 2017-1 Class
2A Notes due 2069
(the "Series 2017-1
Class 2A Notes")
GBP285,000,000 XS1759231522 / XS1760615291 175923152 / 176061529 GBP285,000,000
Series 2018-1 Class
2A Notes due 2069
(the "Series 2018-1
Class 2A Notes"
and, together with
the Series 2017-1
Class 2A Notes,
the "2017/2018
Notes")
GBP250,000,000 XS1839669527 / XS1839669873 183966952 / 183966987 GBP250,000,000
Series 2018-2 Class
2A Notes due 2069
(the "2018-2 Notes")
(each a "Series", together the "Notes" and the holders thereof,
the "Noteholders")
Series 2017-1 Class 2A Notes
NOTICE IS HEREBY GIVEN to the holders of the Series 2017-1 Class
2A Notes (the "Series 2017-1 Class 2A Noteholders") that, following
the conclusion of the Meeting of such Series 2017-1 Class 2A
Noteholders and the passing of the Extraordinary Resolution(s) set
out in the Notice of Meetings previously notified to the Series
2017-1 Class 2A Noteholders in accordance with the terms of the
amended and restated trust deed dated 20 June 2017 relating to the
Programme (as modified, supplemented and/or restated in respect of
the Notes) for such Series 2017-1 Class 2A Notes and the
Eligibility Condition having been satisfied, the determination of
the relevant market observable screen spot rates took place at on
or about 1 p.m. London time (the "Pricing Time") on 29 January
2020.
Accordingly,
(a) the New Margin in respect of the Series 2017-1 Class 2A
Notes has been determined as 0.668 per cent., calculated as the sum
of:
(i) the Original Margin being 0.550 per cent.; plus
(ii) the Forward Start Adjustment being 0.001 per cent; plus
(ii) the LIBOR v SONIA Interpolated Basis being 0.117 per cent.
(b) the New Step-Up Margin in respect of the Series 2017-1 Class
2A Notes has been determined as 1.218 per cent., calculated as the
sum of:
(i) the Original Step-Up Margin being 1.100 per cent; plus
(ii) the Forward Start Adjustment being 0.001 per cent.; plus
(ii) the LIBOR v SONIA Interpolated Basis being 0.117 per cent.
Series 2018-1 Class 2A Notes
NOTICE IS HEREBY GIVEN to the holders of the Series 2018-1 Class
2A Notes (the "Series 2018-1 Class 2A Noteholders") that, following
the conclusion of the Meeting of such Series 2018-1 Class 2A
Noteholders and the passing of the Extraordinary Resolution(s) set
out in the Notice of Meetings previously notified to the Series
2018-1 Class 2A Noteholders in accordance with the terms of the
amended and restated trust deed dated 20 June 2017 relating to the
Programme (as modified, supplemented and/or restated in respect of
the Notes) for such Series 2018-1 Class 2A Notes and the
Eligibility Condition having been satisfied, the determination of
the relevant market observable screen spot rates took place at on
or about the Pricing Time on 29 January 2020.
Accordingly,
(a) the New Margin in respect of the Series 2018-1 Class 2A
Notes has been determined as 0.541 per cent., calculated as the sum
of:
(i) the Original Margin being 0.420 per cent.; plus
(ii) the Forward Start Adjustment being 0.001 per cent; plus
(ii) the LIBOR v SONIA Interpolated Basis being 0.120 per cent.
(b) the New Step-Up Margin in respect of the Series 2018-1 Class
2A Notes has been determined as 0.961 per cent., calculated as the
sum of:
(i) the Original Step-Up Margin being 0.840 per cent; plus
(ii) the Forward Start Adjustment being 0.001 per cent.; plus
(ii) the LIBOR v SONIA Interpolated Basis being 0.120 per cent.
Series 2018-2 Class 2A Notes
NOTICE IS HEREBY GIVEN to the holders of the Series 2018-2 Class
2A Notes (the "Series 2018-2 Class 2A Noteholders") that, following
the conclusion of the Meeting of such Series 2018-2 Class 2A
Noteholders and the passing of the Extraordinary Resolution(s) set
out in the Notice of Meetings previously notified to the Series
2018-2 Class 2A Noteholders in accordance with the terms of the
amended and restated trust deed dated 25 June 2018 relating to the
Programme (as modified, supplemented and/or restated in respect of
the Notes) for such Series 2018-2 Class 2A Notes and the
Eligibility Condition having been satisfied, the determination of
the relevant market observable screen spot rates took place at on
or about the Pricing Time on 29 January 2020.
(a) the New Margin in respect of the Series 2018-2 Class 2A
Notes has been determined as 0.642 per cent., calculated as the sum
of:
(i) the Original Margin being 0.520 per cent.; plus
(ii) the Forward Start Adjustment being 0.001 per cent; plus
(ii) the LIBOR v SONIA Interpolated Basis being 0.121 per cent.
(b) the New Step-Up Margin in respect of the Series 2018-2 Class
2A Notes has been determined as 1.162 per cent., calculated as the
sum of:
(i) the Original Step-Up Margin being 1.040 per cent; plus
(ii) the Forward Start Adjustment being 0.001 per cent.; plus
(ii) the LIBOR v SONIA Interpolated Basis being 0.121 per cent.
The relevant Extraordinary Resolution will be implemented as
soon as reasonably practicable after the Pricing Time.
LANARK MASTER ISSUER PLC
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END
MSCGZGZMDLGGGZM
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January 29, 2020 09:01 ET (14:01 GMT)
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