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Southern Pacific gives results of meetings for asset-backed notes
By Sarah Lizee
Olympia, Wash., Aug. 22 – Southern Pacific Financing 05-B plc and Southern Pacific Financing 06-A plc announced results of holder meetings relating to proposed extraordinary resolutions for their mortgage backed floating-rate notes.
Separate meetings were held on Aug. 19 for Southern Pacific Financing 05-B’s £397.44 million class A notes due 2043, £34.56 million class B notes due 2043, £19.2 million class C notes due 2043, £21.6 million class D notes due 2043 and £7.2 million class E notes due 2043.
The required quorum was achieved for the meeting of the class A notes, but the extraordinary resolution was not passed.
The required quorum was not achieved for the meeting of the class B notes.
The required quorum was achieved for the noteholders' meetings of the class C, class D and class E notes and the extraordinary resolution was passed.
Additionally, separate meetings were held on Aug. 19 for Southern Pacific Financing 06-A’s £372.96 million class A notes due 2044, £14.7 million class B notes due 2044, £19.11 million class C notes due 2044, £9.45 million class D1 notes due 2044 and £3.78 million class E notes due 2044.
The required quorum was not achieved for the meetings of the class A or C notes.
The required quorum was achieved for the meeting of the class B notes but the extraordinary resolution was not passed.
The required quorum was achieved for the meeting of the class D and E notes and the extraordinary resolution was passed.
In order for the proposed amendments to be effective, they must be passed at each meeting of the noteholders of each class.
Mortgage administrator Kensington Mortgages (+44 207 532 9005 or jasmine.heinen@kensingtonmortgages.co.uk, attn: Jasmine Heinen) requested that holders who voted against the extraordinary resolution contact Kensington in order to discuss the voting decision.
The issuers said they are considering the position and will update noteholders in due course.
Southern Pacific is a Calgary, Alta., energy exploration, development and production company.
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