E-Carat 12 offers consent fee for amendments to asset-backs

Chicago, March 27 – E-Carat 12 plc is offering noteholders a consent fee to amend the terms of the £300.2 million of class A asset-backed floating-rate notes due August 2029 (ISIN: XS2344843110), according to notices.

The issuer wishes to add a call option so that VF Ltd. may redeem the notes early.

A meeting will be held at 5 a.m. ET on April 9 via teleconference.

Noteholders who vote in favor by the deadline will receive a fee equal to 0.05% of the nominal amount of notes that are subject of the instruction or vote, subject to certain conditions.

The deadline is 5 a.m. ET on April 9.

The fee will be paid by the seventh business day following the meeting.

To pass, the extraordinary resolution needs votes from a quorum of noteholders, and then a majority.

BNP Paribas is the solicitation agent (+44 20 7595 3770, dl.synspgeurope@uk.bnpparibas.com).

Kroll Issuer Services Ltd. is the solicitation agent (+44 20 7704 0880, stellantis@is.kroll.com).

A consent solicitation memorandum was circulated on March 19 when the solicitation started.

E-Carat is a securitization of U.K. auto loans originated by Stellantis Financial Services UK Ltd.

© 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.