Sydney Street collects votes to amend credit-linked class F floaters

By Susanna Moon

Chicago, March 13 - Sydney Street Finance Ltd. said holders approved amending its €21.35 million class F floating-rate credit-linked notes at the rescheduled meeting on March 5.

The original meeting held on Feb. 17 in London was adjourned because there were insufficient votes to meet quorum.

As previously noted, holders approved amending eight series of the floating-rate credit-linked notes to modify the portfolio credit swap provisions.

The company sought consents to the auction valuation modifications that would come into play if the International Swaps and Derivatives Association, Inc. announces that the Credit Derivatives Determinations Committee decides that an auction will be held for a credit event.

Also covered by the changes are the following series of notes:

• €70 million class A1 floating-rate credit-linked notes;

• €66.7 million class A2 floating-rate credit-linked notes;

• €60 million class B floating-rate credit-linked notes;

• €46.7 million class C floating-rate credit-linked notes;

• €44 million class D floating-rate credit-linked notes;

• €26.7 million class E floating-rate credit-linked notes;

• €21.35 million class G floating-rate credit-linked notes; and

• €20 million class H floating-rate credit-linked notes.

BNY Mellon Corporate Trustee Services Ltd. is the trustee.

The issuer is a limited liability company incorporated in Jersey.

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