Pembridge Square holders reject proposal to amend series A1 floaters

By Susanna Moon

Chicago, March 13 - Pembridge Square Finance Ltd. said it failed to get the needed votes to amend its €17 million class A1 floating-rate credit-linked notes at a meeting held on March 5.

The meeting held last month for nine series of the floaters was adjourned for the class A1 series, because it lacked sufficient votes to form quorum.

At the meetings on Feb. 17, holders approved amending seven series of floating-rate credit-linked notes to modify the portfolio credit swap provisions.

For the seven series of notes, holders approved the auction valuation modifications that take effect if the International Swaps and Derivatives Association, Inc. announces that the Credit Derivatives Determinations Committee decides that an auction will be held for a credit event.

Covered by the changes are the following series of notes:

• €80 million class A2 floating-rate credit-linked notes;

• €70 million class B floating-rate credit-linked notes;

• €60 million class C floating-rate credit-linked notes;

• €50 million class D floating-rate credit-linked notes;

• €40 million class E floating-rate credit-linked notes;

• €25 million class F floating-rate credit-linked notes;

• €22 million class G floating-rate credit-linked notes; and

• €16 million class H floating-rate credit-linked notes.

BNY Mellon Corporate Trustee Services Ltd. is the trustee.

The issuer is a limited liability company incorporated in Jersey.

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