Southern Pacific adjourns meeting for class E mortgage-backed floaters

By Susanna Moon

Chicago, Dec. 11 – Southern Pacific Financing 05-B plc said the meeting for holders of its £7.2 million of class E mortgage-backed floating-rate notes due 2043 again has been adjourned, this time to Jan. 16.

The meeting held on Dec. 10 was adjourned due to a lack of quorum, according to a company notice.

The notes were covered by a consent solicitation announced on Oct. 24.

Solicitation background

Southern Pacific Financing 06-A plc and Southern Pacific Financing 05-B plc said on Oct. 24 that they began consent solicitations to amend the liquidity facility agreement for various classes of their mortgage-backed floating-rate notes.

The following Southern Pacific Financing 06-A notes were covered by the solicitations:

• £372.96 million of class A mortgage-backed floating-rate notes due 2044;

• £14.7 million of class B mortgage-backed floating-rate notes due 2044;

• £19.11 million of class C mortgage-backed floating-rate notes due 2044;

• £9.45 million of class D1 mortgage-backed floating-rate notes due 2044; and

• £3.78 million of class E mortgage-backed floating-rate notes due 2044.

The following Southern Pacific Financing 05-B notes also were covered:

• £397.44 million of class A mortgage-backed floating-rate notes due 2043;

• £34.56 million of class B mortgage-backed floating-rate notes due 2043;

• £19.2 million of class C mortgage-backed floating-rate notes due 2043;

• £21.6 million of class D mortgage-backed floating-rate notes due 2043; and

• £7.2 million of class E mortgage-backed floating-rate notes due 2043.

As previously announced, Lloyds Bank plc, the liquidity facility provider, is requesting that Southern Pacific Financing obtain holder authorization for certain amendments at the cost of Lloyds Bank.

The proposed changes included a reduction to the costs paid to the issuers by Lloyds.

For the Southern Pacific Financing 05-B notes, the fee rate was a flat 0.1% per amount held for the second extraordinary resolution.

The final voting deadline was set for Nov. 17. Noteholder meetings were held in London on Nov. 19.

The principal paying agent is the Bank of New York Mellon, London Branch (attn: Corporate Trust Administration, Structured Finance; fax 44 20 7964 6399).

The tabulation agent is Lucid Issuer Services Ltd. (attn: Victor Parzyjagla; 44 20 7704 0880; spf@lucid-is.com).

The issuers are based in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.