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Ludgate Funding Plc 2006-FF1/2007-FF1/2008-W1 - Bondholder ID - Libor Transition

Ludgate Funding Plc announces Bondholder ID processes across numerous class of Notes - Notice to Holders (*3)


14th AUGUST 2023


Full announcement including full disclosures and disclaimers available via Euronext


"Background (Same for all Notices)


Since 31 December 2021, all LIBOR settings ceased to be published, except for the 1, 3 and 6 months settings for which a sterling regulatory synthetic LIBOR rate ("Regulatory Synthetic LIBOR") was being published (but which was unrepresentative and was being published solely for use in legacy transactions for a time-limited period).


On 9 February 2022 the UK Financial Conduct Authority ("FCA") confirmed that Regulatory Synthetic LIBOR was a temporary bridge to risk free rates, and its availability was not guaranteed beyond end-2022. For further information, see https://www.fca.org.uk/news/press-releases/finalising-libor-transitionachievements- sterling-markets.


On 16 August 2022, the FCA confirmed that it proposed to cease the requirement to continue the publication of the 1- and 6-month Regulatory Synthetic LIBOR at the end of March 2023. For further information, see https://www.fca.org.uk/news/statements/fca-encourages-market-participants-transition-libor-linked-bonds.


In November 2022, the FCA announced that it intended to compel the publication of 3-month synthetic sterling LIBOR only until end-March 2024, after which it would cease permanently. The FCA advises market participants who still have contracts referencing 3-month sterling LIBOR to ensure they are prepared for publication of the Regulatory Synthetic LIBOR alternative to cease at that time."


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"Issuer's intention to reengage with Instrumentholders and launch another Consent Solicitation (Same for all notices)


The Issuer wishes to reengage with Instrumentholders through a formal disclosure event the details of which are set out below in the procedure for disclosing identity and holdings paragraphs of this notice. The Issuer has appointed D.F. King as its information agent (the "Information Agent") for this purpose and to facilitate communications between the Instrumentholders and the Issuer.


Engagement from Instrumentholders generally and, in light of the results of the Issuer's previous consent solicitation exercise, would enable the Issuer to launch another consent solicitation with a reasonable degree of certainty that the Consent Condition will be met.


In light of the pending discontinuance of Regulatory Synthetic LIBOR, the Issuer intends to launch another consent solicitation exercise shortly in order to propose again to Instrumentholders the change from LIBOR to SONIA as a more durable change in the benchmark used to calculate the interest payments under the Notes as well as consequential and related amendments to certain terms of the Transaction Documents.


All Instrumentholders will be invited to participate in the further consent solicitation exercise directly or through their respective brokers, custodians or other intermediaries who may hold such Instruments on their behalf. In this regard, Instrumentholders who may not have participated in the previous consent solicitation exercise are encouraged to check any standing instructions with regard to such communications from the Issuer and/or its agents and to ensure their participation at the next available opportunity."


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