NewDay proposals to redeem six series not passed by holders

By Taylor Fox

New York, Nov. 17 – NewDay Partnership Funding 2015-1 plc announced that the quorum and/or voting requirements in regard to its six series of notes was not met, therefore the changes relating to a planned redemption of the asset-backed floating rate notes due 2021 were not passed, according to a news release.

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

The quorum requirements were not met for the meetings of the holders of each of the class B, D and E notes, and the minimum voting requirements were not met at meetings held for the other three series.

The issuer said the meetings will not be reconvened.

The results of the noteholder meetings held Nov. 17 that were quorate are as follow:

• 2.94% in favor of £185.25 million of class A asset-backed floating-rate notes due 2021 (ISIN: XS1134518155) to be redeemed at 100.399, plus interest;

• 14.23% in favor of £14 million of class C asset-backed floating-rate notes due 2021 (ISIN: XS1134519393) to be redeemed at 100.3381, plus interest; and

• 0% in favor of £5.5 million of class F asset-backed floating-rate notes due 2021 (ISIN: XS1134535597) to be redeemed at 100.1933.

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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