Solar Financing 2012-1 cuts interest rate on notes due 2039 to 3.45%

By Angela McDaniels

Tacoma, Wash., April 16 – Solar Financing 2012-1 plc lowered the interest rate on its £40 million secured RPI-linked notes due 2039 to 3.45% from 3.61%, according to a notice to noteholders filed with the London Stock Exchange.

The change was made as part of a restructuring and reorganization completed in July 2018 by the corporate group to which the issuer belongs.

The restructuring was subject to the condition that certain amendments be made to the borrower loan agreement and other transaction documents by Oct. 4, 2018. This deadline was later extended to Jan. 29 and then to April 9.

Under the amendments as originally written, the interest rate was going to be lowered by 15 basis points to 3.46%, but this was later changed.

In addition, the original amendments called for the establishment of reserves for both the maintenance, repair and replacement of the solar park inverters and the maintenance, repair and replacement of the solar parks more generally. The former reserve has been established, but the parties agreed that the latter reserve will not be established.

Solar Financing 2012-1 is based in London.

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