Globaldrive to redeem asset-backed notes due 2024

By Rebecca Melvin

New York, Aug. 14 – Globaldrive Auto Receivables 2016-A BV issued a clean-up call for three classes of its asset-backed notes due 2024, according to a notice.

The €630.2 million of class A floating-rate asset-backed notes, €20.5 million of class B fixed-rate asset-backed notes and €34,307,024.75 of class C fixed-rate asset-backed notes will be redeemed at par plus accrued interest on Sept. 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 Aug. 31.

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

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