Towd Point Mortgage Funding prepares for benchmark modification

Chicago, Aug. 30 – Towd Point Mortgage Funding 2019 – Granite4 plc is reading a transition in its underlying benchmark rate to Sonia from Libor, according to an announcement.

Accordingly, the issuer intends to amend the conditions, the trust deed and the incorporated terms memorandum for the:

• £3,133,250,000 class A1 mortgage-backed floating-rate notes due October 2051 (ISINs: XS1968575594, XS1968576568);

• £198,187,000 class B mortgage-backed floating-rate notes due October 2051 (ISINs: XS1968575677, XS1968576642);

• £160,437,000 class C mortgage-backed floating-rate notes due October 2051 (ISINs: XS1968575750, XS1968576998);

• £84,937,000 class D mortgage-backed floating-rate notes due October 2051 (ISINs: XS1968575917, XS1968577293);

• £56,625,000 class E mortgage-backed floating-rate notes due October 2051 (ISINs: XS1968576055, XS1968577376);

• £52.85 million class F mortgage-backed fixed-rate notes due October 2051 (ISINs: XS1968576139, XS1968577459);

• £88,714,000 class Z mortgage-backed floating-rate notes due October 2051 (ISINs: XS1968576212, XS1968577533);

• £113.25 million class XA2 floating-rate notes due October 2051 (ISINs: XS1968576485, XS1968577889); and

• 1 million class XB certificates.

Only noteholders who object to the proposed benchmark rate modification should take action by 5 a.m. ET on Sept. 27.

Objecting noteholders should give electronic voting instructions to the relevant clearing system.

If more than 10% of holders of the class A1 notes or 10% of the certificate holders reject the rate change, the amendments will not be made.

The solicitation agent is BofA Securities (+44 20 7996 0987, dg.TPMF_libor-transition@bofa.com).

The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, TPMF@lucid-is.com).

The legal title holder is Landmark Mortgages Ltd. (formerly NRAM plc and Northern Rock plc).

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