NewDay to solicit consent to redeem six series of notes due 2021

By Taylor Fox

New York, Oct. 26 – NewDay Partnership Funding 2015-1 plc scheduled noteholder meetings for Nov. 17 to vote on proposed changes relating to a planned redemption of six series of asset-backed floating rate notes due 2021, according to a news release.

The necessary funds to redeem in full the six series of notes are available; therefore, NewDay said it is proposing to redeem the notes on the revised redemption date, which is three business days after the approval of the redemptions.

The amount of the offer and the scheduled meeting time for each tranche of notes are as follows:

• £185.25 million of class A asset-backed floating-rate notes due 2021 (ISIN: XS1134518155) to be redeemed at 100.399, plus interest with a meeting scheduled for 5:30 a.m. ET;

• £22.5 million of class B asset-backed floating-rate notes due 2021 (ISIN: XS1134518668) to be redeemed at 100.4143, plus interest, with a meeting scheduled for 5:35 a.m. ET;

• £14 million of class C asset-backed floating-rate notes due 2021 (ISIN: XS1134519393) to be redeemed at 100.3381, plus interest, with a meeting scheduled for 5:40 a.m. ET;

• £10,125,000 of class D asset-backed floating-rate notes due 2021 (ISIN: XS1134523239) to be redeemed at 100.1984, plus interest, with a meeting scheduled for 5:45 a.m. ET;

• £6,875,000 of class E asset-backed floating-rate notes due 2021 (ISIN: XS1134528626) to be redeemed at 100.2137, plus interest, with a meeting scheduled for 5:50 a.m. ET; and

• £5.5 million of class F asset-backed floating-rate notes due 2021 (ISIN: XS1134535597) to be redeemed at 100.1933, plus interest, with a meeting scheduled for 5:55 a.m. ET;

A majority of 75% of the principal amount outstanding of the relevant class of notes is required to pass an extraordinary resolution.

NewDay Cards Ltd. is the co-arranger for the notes.

Lucid Issuer Services Ltd. is the tabulation agent.

Citibank, NA, London Branch (sf.issuer@citi.com) is the registrar

NewDay is a London-based subsidiary of New Day Ltd., a financial services company.

© 2015 Prospect News.
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