HARBOUR FUNDING PLC: Surrender and Cancellation of Bonds

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Harbour Funding Plc -- Surrender and cancellation of GBP685 of the GBP214,388,676 5.28% Secured Bonds due 2044

Harbour Funding Plc (HARB) is a special purpose company which issued GBP214,388,676 5.28 per cent. Secured Bonds due 2044 (the Bonds) originally constituted and secured by a trust deed dated 28 August 2003 (as amended and supplemented) (the Trust Deed). The Proceeds of the issue of the Bonds were loaned to various housing associations (the Borrowers) pursuant to various loan agreements including Housing Solutions Limited (HSL) under a loan agreement dated 28 August 2003 (the Loan Agreement). Such loans have been secured on properties of the Borrowers.

Pursuant to the terms of the Trust Deed and the Loan Agreement, a Borrower may purchase Bonds and surrender them to HARB to be cancelled.

HSL has purchased GBP685 in aggregate principal amount of the Bonds in the market and has surrendered such Bonds to HARB (the Surrendered Bonds). The Surrendered Bonds have been cancelled in accordance with the requirement of the Trust Deed on 28 February 2020.

Following the cancellation of the Surrendered Bonds there are now GBP206,335,676 in aggregate principal amount of the Bonds outstanding.

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    SOURCE: Harbour Funding plc 
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(END) Dow Jones Newswires

March 06, 2020 11:46 ET (16:46 GMT)