Globaldrive issues clean-up call for asset-backed notes due May 2028

By Mary Katherine Stinson

Lexington, Ky., Jan. 12 – Globaldrive Auto Receivables 2020-A BV issued a clean-up call for three classes of its asset-backed notes due May 2028, according to a notice.

The €500 million of class A floating-rate asset-backed notes (ISIN: XS2183936835), €19.127 million of class B floating-rate asset-backed notes (ISIN: XS2183937056) and €27,342,146.06 of class C fixed-rate asset-backed notes will be redeemed at par plus accrued interest on Feb. 20.

The issuer said that on the payment date the aggregate principal amount outstanding of the class A notes and the class B notes will be 10% or less than the initial aggregate closing loan balance as of the repurchase cut-off date of Jan. 31.

Payment for the class C notes will only be made upon receipt of the notes by Elavon Financial Services DAC, the principal paying agent.

U.S. Bank Trustees Ltd. is the trustee.

Globaldrive operates as a special purpose acquisition company ultimately owned by Ford Motor Co.

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