Baker Street holders pass proposals to amend three more floater series

By Susanna Moon

Chicago, March 13 - Baker Street Finance Ltd. said holders approved amending three more series of floating-rate credit-linked notes to modify the portfolio credit swap at a meeting held on March 5.

Covered by the proposals are the following series of notes:

• €55 million class D floating-rate credit-linked notes;

• €39.6 million class E floating-rate credit-linked notes; and

• €24.2 million class F floating-rate credit-linked notes.

Holders approved the auction valuation modifications, which will take effect 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, according to a press release.

Last month holders approved amending eight series of the floating-rate credit-linked notes, but the meetings for three series of notes were adjourned due to lack of a quorum.

The noteholder meetings were originally held on Feb. 23 in London, and holders approved amending the following series of notes:

• €137.5 million class A-1a floating-rate credit-linked notes;

• €110 million class A-1b floating-rate credit-linked notes;

• €92.4 million class A-1c floating-rate credit-linked notes;

• €90.2 million class A2 floating-rate credit-linked notes;

• €89.1 million class B floating-rate credit-linked notes;

• €68.75 million class C floating-rate credit-linked notes;

• €22 million class G floating-rate credit-linked notes; and

• €19.25 million class H floating-rate credit-linked notes.

The issuer is a limited liability company incorporated in Jersey.

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