Auburn Securities 4 PLC Auburn Securities 4 Plc - Noteholder Notice (8753A)
01 October 2015 - 5:38PM
UK Regulatory
TIDM31UH
RNS Number : 8753A
Auburn Securities 4 PLC
01 October 2015
Auburn Securities 4 PLC
Wilmington Trust SP Services (London) Limited
Third Floor
1 King's Arms Yard
London EC2R 7AF
(the Issuer)
GBP270,000,000 Class A1 Mortgage Backed Floating Rate Notes due
October 2041
GBP597,500,000 Class A2 Mortgage Backed Floating Rate Notes due
October 2041
GBP15,000,000 Class M Mortgage Backed Floating Rate Notes due
October 2041
GBP40,000,000 Class B Mortgage Backed Floating Rate Notes due
October 2041
GBP40,000,000 Class C Mortgage Backed Floating Rate Notes due
October 2041
GBP25,000,000 Class D Mortgage Backed Floating Rate Notes due
October 2041
GBP12,500,000 Class E Mortgage Backed Floating Rate Notes due
October 2041
(together, the "Notes")
issued by the Issuer
NOTICE IS HEREBY GIVEN to the holders of the Notes that on 30
September 2015 certain amendments were made to the Transaction
Documents pursuant to a Deed of Amendment to, inter alia, allow
Citibank, N.A., London Branch to replace Barclays Bank Plc in the
roles of GIC Provider, Transaction Account Bank and Reserve Account
Bank and to allow Barclays Bank Plc to continue in its other roles
under the Transaction Documents.
On 9 June 2015, Barclays Bank Plc was downgraded by Standard
& Poors ("S&P") so that its Short Term Debt Rating became
A-2 and the Long Term Debt Rating became A-1 (the "Downgrade").
Barclays Bank Plc performs a number of roles within the
Transaction Documents namely as the Collection Account Bank, the
Transaction Account Bank, the Reserve Account Bank, the Swap
Collateral Account Bank, the GIC Provider, the Liquidity Facility
Provider and the Redraw Facility Provider (the "Downgraded Roles").
The Downgrade has resulted in a number of the provisions of the
Transaction Documents being triggered in relation to the Downgraded
Roles. The Swap Collateral Account Bank is not affected by the
Downgrade and Barclays Bank Plc will continue in this role. As a
result of the Downgrade the current GIC Agreement was terminated
and a new GIC Agreement has been entered into with Citibank, N.A.,
London Branch as GIC Provider.
Barclays Bank Plc will also continue to undertake the roles of
the Collections Account Bank, the Redraw Facility Provider and
Liquidity Facility Provider in spite of the Downgrade. Certain
amendments have therefore been made to the Transaction Documents to
allow Barclays Bank Plc to continue in these roles, including
amending the rating agency trigger in relation to the Collection
Account Bank, in line with S&P's current counterparty criteria.
S&P and Moody's have both confirmed that the amendments will
not result in a downgrade of the current rating of the Notes.
Capitalised terms used, but not defined, in this notice shall
have the meanings given thereto in a given thereto in a Master
Definitions Schedule related to the Notes dated 11 October 2004, as
amended and restated from time to time.
For further information, please contact
Auburn Securities 4 PLC
Wilmington Trust SP Services (London) Limited
Third Floor
1 King's Arms Yard
London EC2R 7AF
Facsimile: +44 (0) 20 7614 1122
This information is provided by RNS
The company news service from the London Stock Exchange
END
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