Gemgarto 2015-1 says discussions could lead to redemption of notes

By Wendy Van Sickle

Columbus, Ohio, July 1 – Gemgarto 2015-1 plc informed noteholders of some discussions that may lead to the redemption of the issuer’s notes due February 2047, according to a notice.

Specifically, there have been discussions with Kensington Mortgage Co. Ltd., the indirect holder of the certificates, relating to the purchase of the loans in the mortgage pool backing the notes.

The discussion are “ongoing and preliminary in nature,” according to the notice.

Holders of the following notes were notified:

• £423 million of class A notes;

• £19.3 million of class B notes;

• £19.3 million of class C notes;

• £21.8 million of class D notes;

• £9.7 million of class Z notes;

• £14.5 million of class X1 notes;

• £3,325,000 class X1 notes; and

• £4.9 million of class X2 notes.

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