Katanalotika partially cancels class A, Z asset-backed floaters

By Sarah Lizee

Olympia, Wash., Feb. 13 – Katanalotika plc cancelled on Feb. 12 €372 million of its class A asset-backed floating-rate notes due 2029 held by Citigroup Global Markets Ltd. and €248 million of its class Z asset-backed floating-rate notes due 2029 held by Alpha Bank AE, according to a notice.

Following the partial cancellation, €540 million of the class A notes held by Citigroup and €360 million of the class Z notes held by Alpha Bank remain outstanding and continue to be listed on the Irish Stock Exchange.

The cancellation was made in connection with amendments made to the transaction documents after the set-off reserve account held with Citibank, NA, London Branch was closed.

Katanalotika established a set-off reserve account ledger on the reserve account held with the Greek account bank, and as such the issuer and the trustee entered into a partial deed of release releasing the security granted over the set-off reserve account pursuant to the deed of charge.

Katanalotika is a specialty finance company based in London.

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