RMAC gets needed consents from holders of numerous series of bonds

By Jennifer Chiou

New York, April 5 - RMAC Securities No. 1 plc received the consent of certain of its bondholders to keep Barclays Bank plc as its liquidity facility provider at meetings that took place on April 2.

Previous meetings were adjourned due to a lack of quorum.

As reported, Barclays made available to the issuer a 364-day committed liquidity facility. Because Standard & Poor's downgraded Barclays' short-term rating to A-1 from A-1+ on Nov. 29, the issuer is required to find a substitute liquidity provider.

The bondholders were asked to approve an amendment to the required ratings of Barclays and waive any breach of the terms of the liquidity facility that occurred due to the downgrade.

The issuer already said it is looking for a suitable replacement for Barclays that meets the existing minimum ratings criteria but has not yet found a suitable replacement willing to undertake the role.

S&P downgraded a significant number of financial institutions, not just Barclays, due to its updated ratings criteria, according to the notice. RMAC previously said the downgrades mean that there are currently very few financial institutions that meet the existing minimum ratings criteria for the role.

The quorum required at the meetings was two or more persons holding or representing more than 50% of the outstanding amount of securities. In order for it to be passed, at least 75% of the votes cast must be in favor of the extraordinary resolution.

Consents were received to amend the following series 2005-NSP1 securities:

• £175 million of A2a mortgage-backed floating-rate notes due June 2037;

• €526.4 million of A2c mortgage-backed floating-rate notes due June 2037;

• £37.5 million of M1 mortgage-backed floating-rate notes due June 2037;

• £18.8 million of M2 mortgage-backed floating-rate notes due June 2037;

• £11.2 million of B1 mortgage-backed floating-rate notes due June 2037;

• Mortgage early redemption certificates due 2037; and

• Residual certificates due 2037.

Consents were received to amend the following series 2005-NSP2 securities:

• £220 million of A2a mortgage-backed floating-rate notes due September 2037;

• $440 million of A2b mortgage-backed floating-rate notes due September 2037;

• €290 million of A2c mortgage-backed floating-rate notes due September 2037;

• £22 million of M1a mortgage-backed floating-rate notes due September 2037;

• €48 million of M1c mortgage-backed floating-rate notes due September 2037;

• £26 million of M2a mortgage-backed floating-rate notes due September 2037;

• €37 million of M2c mortgage-backed floating-rate notes due September 2037;

• £10 million of B1a mortgage-backed floating-rate notes due September 2037;

• €22 million of B1c mortgage-backed floating-rate notes due September 2037;

• Mortgage early repayment certificates due 2037; and

• Residual certificates due 2037.

Consents were received to amend the following series 2005-NSP3 securities:

• £270 million of A2a mortgage-backed floating-rate notes due June 2043;

• €188 million of A2c mortgage-backed floating-rate notes due June 2043;

• £15 million of M1a mortgage-backed floating-rate notes due June 2043;

• €16.1 million of M1c mortgage-backed floating-rate notes due June 2043;

• £5 million of M2a mortgage-backed floating-rate notes due June 2043;

• €24.8 million of M2c mortgage-backed floating-rate notes due June 2043;

• £7.5 million of B1a mortgage-backed floating-rate notes due June 2043;

• €25.3 million of B1c mortgage-backed floating-rate notes due June 2043;

• Mortgage early repayment certificates due 2043; and

• Residual certificates due 2043.

Consents were received to amend the following series 2005-NS4 securities:

• £158.76 million of A3 mortgage-backed floating-rate notes due December 2043;

• £14.8 million of M1 mortgage-backed floating-rate notes due December 2043;

• £12.4 million of M2 mortgage-backed floating-rate notes due December 2043;

• £14.04 million of B1 mortgage-backed floating-rate notes due December 2043;

• Mortgage early repayment certificates due 2043; and

• Residual certificates due 2043.

Consents were received to amend the following series 2004-NS3 securities:

• £170 million of class A2a mortgage-backed floating-rate notes due December 2036;

• €168 million of class A2c mortgage-backed floating-rate notes due December 2036;

• £22.5 million of class M1 mortgage-backed floating-rate notes due December 2036;

• £20 million of class M2 mortgage-backed floating-rate notes due December 2036; and

• £7.5 million of class B mortgage-backed floating-rate notes due December 2036.

Consents were received to amend the following series 2004-NSP4 securities:

• £595 million of A2 mortgage-backed floating-rate notes due December 2036;

• £40 million of M1 mortgage-backed floating-rate notes due December 2036;

• £32 million of M2 mortgage-backed floating-rate notes due December 2036;

• £12 million of B1 mortgage-backed floating-rate notes due December 2036;

• Mortgage early repayment certificates due 2036; and

• Residual certificates due 2036.

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