top of page

Telereal Securitisation PLC - Consent Solicitation Results


8 Dec 2022

Link to LUX SE announcement

"NOTICE IS HEREBY GIVEN by the Issuer to the holders of the Notes that, at the Meetings, the Extraordinary Resolutions were duly passed and the Consent Conditions were satisfied in relation to each Meeting. Accordingly the Amendment Documents will be executed on or about the date hereof and have immediate effect thereafter.

All Notes in respect of which Consent Instructions had been submitted will be unblocked promptly in the relevant account in the Clearing Systems."



Link to LUX SE announcement (16th November 2022).

"Rationale for the Consent Solicitation

As Noteholders will be aware, the transition from the sterling LIBOR benchmark to SONIA has been ongoing since the Financial Conduct Authority (the “FCA”) announced that it would no longer compel banks to submit rates for the calculation of the Sterling LIBOR benchmark after the end of 2021. Following a consultation process the FCA announced on 29 September 2022 that (i) 1- and 6-month synthetic sterling LIBOR settings will permanently cease immediately after final publication on 31 March 2023 and (ii) it is considering responses to its request for feedback when the 3-month synthetic sterling LIBOR setting could cease in an orderly fashion and stated that those market participants who still have contracts referencing 3-month synthetic sterling LIBOR should be preparing for its cessation in due course.

In light of the above market and regulatory developments the Issuer proposes to amend the interest basis under the Notes to transition from synthetic LIBOR (which has applied since the interest period commencing 10 March 2022) to SONIA by adopting compounded daily SONIA in arrear without observational shift (“compounded SONIA”) plus a spread adjustment (together, the “SONIA Methodology”). Consequently, the Issuer is seeking the consent of the Noteholders (on a separate Class by Class basis) to make consequential amendments to the Conditions, the Third Amended and Restated Master Definitions and Construction Schedule, the Interest Rate Swap Agreement and the New Interest Rate Swap Agreement."

1 view0 comments


bottom of page