Higher Education consent bid fails for A4 notes, will try again

Chicago, Nov. 28 – Higher Education Securitised Investments Series No. 1 plc announced that its consent solicitation for its class A4 mortgage-backed notes to approve a benchmark transition for its floating-rate notes to Sonia from Libor did not have sufficient representation from noteholders at adjourned meetings, according to an announcement.

There are £27.3 million of the class A4 notes (ISIN: XS0085726585).

Until it is no longer available, the benchmark will be synthetic Libor. This will no longer be available after March 31, 2023.

All of the noteholders who were present at the adjourned meeting did vote in favor of the transition.

The issuer did achieve a quorum at the Nov. 25 adjourned meeting in relation to the $101.3 million class A3 notes (ISIN: XS0085726403).

At the original meeting, approval was garnered from holders of the 20.6 class B1 million notes (ISIN: XS0085726668) and the £20.6 million class B2 notes (ISIN: XS0085726742).

However, there was a consent condition that noteholders of all classes need to pass the extraordinary resolutions at the meetings.

The issuer will relaunch a consent solicitation, but only once it is confident that there will be sufficient engagement from all classes of noteholders to enable the required extraordinary resolutions to be passed by the noteholders of each class.

D.F. King is the information and tabulation agent (+44 20 7920 9700, THESIS@dfkingltd.co.uk, THESIS@dfkingltd.com).

The issuer is based in London.

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