NP SPE II starts consent solicitation for replacement liquidity facility

Chicago, June 14 – NP SPE II LLC started a consent solicitation on Monday for two series of notes to pave the way for a replacement liquidity facility, according to a statement.

The consent solicitation relates to the $259,845,000 principal amount of series 2016-1 secured railcar equipment notes, class A-1 notes and class A-2 (Cusips: 62946AAA2, 62946AAB0, U6700RAA5, U6700RAB3) and the $293.85 million principal amount of series 2017-1 secured railcar equipment notes, class A-1 and class A-2 (Cusips: 62946AAC8, 62946AAD6, U6700RAC1, U6700RAD9).

The issuer intends to establish a replacement liquidity facility.

A consent solicitation is necessary to amend the indenture to establish that no early amortization event has occurred or is continuing at the time of the establishment of the replacement liquidity facility, even though an early amortization event has occurred and is continuing because the debt service coverage ratio is less than 1.05.

Noteholders holdings more than 50% of the senior class A notes must consent to implement the proposal.

The record date is 5 p.m. ET on June 10.

The consent solicitation will expire at 5 p.m. ET on June 24, also the revocation deadline.

The solicitation agent for the consent solicitation is Credit Suisse (212 325-9896, 800 820-1653).

D.F. King & Co., Inc. is the information agent and tabulation agent for the offer (866 796-1271, 212 269-5550, npspex@dfking.com).

The asset-backed facility is a railcar leasing securitization. The administrator is Napier Park Global Capital (US) LP.

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