Sydney Street gets OK to amend eight credit-linked floaters; meeting for one series now March 5

By Susanna Moon

Chicago, Feb. 23 - Sydney Street Finance Ltd. said holders approved amending eight series of floating-rate credit-linked notes to modify the portfolio credit swap provisions. The meetings were held for each class of notes on Feb. 17 in London.

The meeting for the €21.35 million class F floaters did not meet quorum and has been rescheduled for March 5.

For the other eight series of notes, holders approved the auction valuation modifications if the International Swaps and Derivatives Association, Inc. announces that the Credit Derivatives Determinations Committee has resolved that an auction will be held for a credit event, according to a press release.

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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