MBA Community gets OK to make SOFR base rate for one of two notes

By Wendy Van Sickle

Columbus, Ohio, April 18 – MBA Community Loans plc announced the receipt of the requisite consent solicitations for one of two series of notes under a solicitation announced on March 22, according to a notice.

By the expiration of the consent solicitation at noon ET on April 5, holders of the requisite amount of outstanding $1 million series 10 notes due 2030 (ISIN: XS0997559975) had given their consents but holders of the $3,712,087 series 118 notes due 2029 (ISIN: XS1539589801) had not.

The issuer was proposing to replace Libor with CME term SOFR as the base rate applicable to the notes. A deed of amendment was entered on April 12 to give effect to the amendments for the series 10 notes.

No consent fee was offered.

Societe Generale Luxembourg (lux.standalone@sgss.socgen.com) is the paying agent.

The Dublin-based issuer invests in student loan assets.

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