Permanent Master Issuer PLC Notice to noteholders (3472O)

TIDM91AG

RNS Number : 3472O

Permanent Master Issuer PLC

01 October 2019

PERMANENT MASTER ISSUER PLC

(incorporated in England and Wales, Registered No. 05922774)

35 Great St Helen's

London EC3A 6AP

(the Master Issuer)

01 October 2019

GBP1,000,000,000 2015-1 Series 1 Class A4 Notes

(ISIN: XS1302965998)

GBP370,000,000 2015-1 Series 1 Class B Notes

(ISIN: XS130259082)

GBP270,000,000 2015-1 Series 1 Class M Notes

(ISIN: XS1302957037)

GBP370,000,000 2015-1 Series 1 Class C Notes

(ISIN: XS1302936031)

(the 2015-1 Notes)

GBP1,750,000,000 2016-1 Series 1 Class A2 Notes

(ISIN: XS1515233663)

(the 2016-1 Notes and together with the 2015-1 Notes, the " Notes")

PERMANENT MASTER ISSUER PLC RESIDENTIAL MORTGAGE BACKED NOTE PROGRAMME - AMENDMENTS TO THE TRANSACTION DOCUMENTS IN RELATION TO THE 2015-1 NOTES AND THE 2016-1 NOTES

NOTICE IS HEREBY GIVEN TO HOLDERS OF THE NOTES THAT:

The following modifications are envisaged to be made to the Transaction Documents in relation to the 2015-1 Notes and the 2016-1 Notes, including certain related and consequential amendments necessary to give effect thereto.

Unless otherwise stated below, the amendments to the Relevant Documents (as defined in section 2 below) will become effective on or about the date of closing of the first series of notes to be issued by the Master Issuer following the date hereof.

The Relevant Documents have been amended to extend step-up date/call date, maturity date, interest basis and margin.

2. Amendments to the Transaction Documents

In order to implement the amendments, the following Transaction Documents have been amended and/or restated or supplemented as follows:

   (a)      2015-1 Final Terms; 

a. The interest basis on the 2015-1 1A4 Notes, 2015-1 1B Notes, 2015-1 1M Notes and 2015-1 1C Notes has been amended from 3 Month GBP LIBOR to compounded daily SONIA.

b. The interest margin and step up margin on the 2015-1 1A4 Notes have been amended from 0.75% to 0.90%.

c. The interest margin and step up margin on the 2015-1 1B Notes have been amended from 1.10% to 1.25%.

d. The interest margin and step up margin on the 2015-1 1M Notes have been amended from 1.50% to 1.65%.

e. The interest margin and step up margin on the 2015-1 1C Notes have been amended from 1.85% to 2.00%.

f. The step up date and call date on the 2015-1 1C Notes have been amended from October 2022 to October 2025.

g. The legal final maturity date of the 2015-1 1A4 Notes, 2015-1 1B Notes, the 2015-1 1M Notes and the 2015-1 1C Notes has been amended from July 2042 to July 2058.

   (b)      2015-1 Loan Tranche Supplement; 

a. The relevant screen rate of the 2015-1 Series 1 AAA Class A4 Loan Tranche, 2015-1 Series 1 AA Class B Loan Tranche, the 2015-1 Series 1 A Class M Loan Tranche and the 2015-1 Series 1 BBB Class C Loan Tranche shall be amended from 3 month GBP LIBOR to compounded daily SONIA.

b. The relevant margin pre and post step-up date of the 2015-1 Series 1 AAA Class A4 Loan Tranche shall be amended from 0.75% to 0.90%.

c. The relevant margin pre and post step-up date of the 2015-1 Series 1 AA Class B Loan Tranche shall be amended from 1.10% to 1.25%.

d. The relevant margin pre and post step-up date of the 2015-1 Series 1 A Class M Loan Tranche shall be amended from 1.50% to 1.65%.

e. The relevant margin pre and post step-up date of the 2015-1 Series 1 BBB Class C Loan Tranche shall be amended from 1.85% to 2.00%.

f. The call option date and step up date of the 2015-1 Series 1 BBB Class C Loan Tranche shall be amended from October 2022 to October 2025.

g. The final repayment date of the 2015-1 Series 1 AAA Class A4, the 2015-1 Series 1 AA Class B Loan Tranche, the 2015-1 Series 1 A Class M Loan Tranche and the 2015-1 Series 1 BBB Class C Loan Tranche shall be amended from the interest payment date falling in July 2042 to the interest payment date falling in July 2058.

   (c)      2016-1 Final Terms 

a. The interest basis on the 2016-1 A2 Notes has been amended from 3 Month GBP Libor to Compounded Daily SONIA.

b. The interest margin and step up margin on the 2016-1 A2 Notes have been amended from 0.45% to 0.85%.

c. The step up date and call date on the 2016-1 A2 Notes have been amended from October 2021 to October 2025.

d. The pass through payment dates on the 2016-1 A2 Notes has been amended from 'From October 2021' to 'From October 2025'.

   (d)      2016-1 Loan Tranche Supplement; 

a. The relevant screen rate of the 2016-1 Series 1 AAA Class A2 Loan Tranche shall be amended from 3 month GBP LIBOR to compounded daily SONIA.

b. The relevant margin pre and post step-up date of the 2015-1 Series 1 AAA Class A4 Loan Tranche shall be amended from 0.45% to 0.85%.

c. The call option date and step up date of the 2016-1 Series 1 AAA Class A2 Loan Tranche shall be amended from October 2021 to October 2025.

d. The pass through loan tranche repayment dates of the 2016-1 Series 1 AAA Class A2 Loan Tranche has been amended from each interest payment date falling on or after the interest payment date in October 2021 to each interest payment date falling on or after the interest payment date in October 2025.

(e) Master Issuer Trust Deed

a. The Master Issuer Trust Deed has been amended to reflect and implement the changes in the 2015-1 Final Terms to the 2015-1 1A4 Notes, 2015-1 1B Notes, the 2015-1 1M Notes and the 2015-1 1C Notes and the changes in the 2016-1 Final Terms to the 2016-1 A2 Notes.

(collectively, the Relevant Documents).

Capitalised terms used, but not defined, herein shall have the meanings given to them in the form of the Amended and Restated Master Definitions and Construction Schedule related to the Permanent Master Issuer plc securitisation programme (the Programme) dated 3 September 2019 (as the same may be amended, restated, varied and/or supplemented from time to time, the Master Definitions and Construction Schedule) or, as applicable, the Amended and Restated Master Issuer Master Definitions and Construction Schedule dated 3 September 2019 (as the same may be amended, restated, varied and/or supplemented from time to time, the Master Issuer Master Definitions).

Copies of the Relevant Documents will be available for inspection by Noteholders at the specified offices of the Master Issue Principal Paying Agent set out below: Citibank, N.A. London Branch.

Canada Square

Canary Wharf

London E14 5LB

For the attention of: Agency and Trust

For further information, please contact:

Permanent Master Issuer plc

c/o Intertrust Corporate Services Limited

35 Great St. Helen's

London EC3A 6AP

Telephone : [phone]

Fax : [phone]

Disclaimer - Intended Addressees

Please note that the information contained in this announcement may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Base Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Base Prospectus is not addressed. Prior to relying on the information contained in the Base Prospectus you must ascertain from the Base Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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October 01, 2019 06:16 ET (10:16 GMT)