Auburn Securities 5 PLC Auburn Securities 5 Plc - Noteholder Notice (8757A)

TIDM49AH

RNS Number : 8757A

Auburn Securities 5 PLC

01 October 2015

Auburn Securities 5 PLC

Wilmington Trust SP Services (London) Limited

Third Floor

1 King's Arms Yard

London EC2R 7AF

(the Issuer)

GBP130,500,000 Class A1 Mortgage Backed Floating Rate Notes due December 2041

GBP255,600,000 Class A2 Mortgage Backed Floating Rate Notes due December 2041

GBP20,000,000 Class M Mortgage Backed Floating Rate Notes due December 2041

GBP9,000,000 Class B Mortgage Backed Floating Rate Notes due December 2041

GBP18,000,000 Class C Mortgage Backed Floating Rate Notes due December 2041

GBP11,250,000 Class D Mortgage Backed Floating Rate Notes due December 2041

GBP5,650,000 Class E Mortgage Backed Floating Rate Notes due December 2041

(together, the "Notes")

issued by the Issuer

NOTICE IS HEREBY GIVEN to the holders of the Notes that on 30 September 2015 certain amendments were made to the Transaction Documents pursuant to a Deed of Amendment to, inter alia, allow Citibank, N.A., London Branch to replace Barclays Bank Plc in the roles of GIC Provider, Transaction Account Bank and Reserve Account Bank and to allow Barclays Bank Plc to continue in its other roles under the Transaction Documents.

On 9 June 2015, Barclays Bank Plc was downgraded by Standard & Poors ("S&P") so that its Short Term Debt Rating became A-2 and the Long Term Debt Rating became A-1 (the "Downgrade").

Barclays Bank Plc performs a number of roles within the Transaction Documents namely as the Collection Account Bank, the Transaction Account Bank, the Reserve Account Bank, the Swap Collateral Account Bank, the GIC Provider, the Liquidity Facility Provider and the Redraw Facility Provider (the "Downgraded Roles"). The Downgrade has resulted in a number of the provisions of the Transaction Documents being triggered in relation to the Downgraded Roles. The Swap Collateral Account Bank is not affected by the Downgrade and Barclays Bank Plc will continue in this role. As a result of the Downgrade the current GIC Agreement was terminated and a new GIC Agreement has been entered into with Citibank, N.A., London Branch as GIC Provider.

Barclays Bank Plc will also continue to undertake the roles of the Collections Account Bank, the Redraw Facility Provider and Liquidity Facility Provider in spite of the Downgrade. Certain amendments have therefore been made to the Transaction Documents to allow Barclays Bank Plc to continue in these roles, including amending the rating agency trigger in relation to the Collection Account Bank, in line with S&P's current counterparty criteria. S&P and Moody's have both confirmed that the amendments will not result in a downgrade of the current rating of the Notes.

Capitalised terms used, but not defined, in this notice shall have the meanings given thereto in a given thereto in a Master Definitions Schedule related to the Notes dated 23 September 2005, as amended and restated from time to time.

For further information, please contact

Auburn Securities 5 PLC

Wilmington Trust SP Services (London) Limited

Third Floor

1 King's Arms Yard

London EC2R 7AF

Facsimile: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 01, 2015 03:41 ET (07:41 GMT)