Silk Road announces one successful consent bid, extends two others

By Susanna Moon

Chicago, Dec. 27 - Silk Road said it adjourned two meetings of holders of some series of its mortgage-backed or asset-backed notes. In the third meeting, the proposed measures passed.

Silk Road Finance No. 1 plc is soliciting consents for its £2.5 billion of class A1 asset-backed floating-rate notes due 2052.

The noteholder meeting began at 5 a.m. ET on Dec. 27 and has been adjourned to 5 a.m. ET on Jan. 10. The final voting deadline has been pushed back to 5 a.m. ET on Jan. 9 from Dec. 24.

Silk Road Finance No. 2 plc is soliciting consents for its €500 million of class Aa mortgage-backed floating-rate notes due 2054 and £275 million of class Ab mortgage-backed floating-rate notes due 2054.

The noteholder meetings began at 5:20 a.m. ET on Dec. 27 in London and have been adjourned to 5:20 a.m. ET on Jan. 10. The final voting deadline is now 5:20 a.m. ET on Jan. 9, extended from 5:20 a.m. ET on Dec. 24.

Consents obtained

Finally, Silk Road Finance No. 3 plc sought consents for its £650 million of class A asset-backed floating-rate notes due 2055.

The noteholder meeting began at 5:40 a.m. ET on Dec. 27 in London. The final voting deadline was 5:40 a.m. ET on Dec. 24. The measures passed, according to a press release.

Amendment terms

The companies are proposing to amend the notes to add the following:

• The entry into back-up cash management and servicing arrangements and replacement cash management and servicing arrangements together with some amendments to the transaction documents to reflect the current rating criteria of Moody's and Fitch in relation to the implementation of the back-up cash management and servicing arrangements and replacement cash management and servicing arrangements;

• The entry into the amended and restated collection account declaration of trust together with some amendments to the transaction documents to remove the requirement to transfer the collection account to a third party on the occurrence of a rating downgrade of the Co-operative Bank plc;

• The entry into of an amended and restated master definitions and construction schedule to effect amendments to the definition of authorized investments together with some amendments to the transaction documents to effect and reflect those amendments and the use of authorized investments within the securitization; and

• Making amendments to the transaction documents to allow the issuer and/or any swap provider to comply with the European Market Infrastructure Regulation and/or the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Leek Finance is also soliciting consents for several series of its notes, as previously announced, and the final voting deadline is Dec. 31.

The solicitation agents are J.P. Morgan Securities plc (attn: fixed-income syndicate, fax 44 0 20 7777 9153, phone 44 0 20 71342468 or ABS_London_Syndicate@jpmorgan.com) and Royal Bank of Scotland plc (attn: liability management group, 44 207 085 8806/9972 or liabilitymanagement@rbs.com). The tabulation agent is Lucid Issuer Services Ltd. (attn.: Paul Kamminga/Victor Parzyiagla, 44 20 7704 0880, fax 44 20 7067 9098 or leek@lucid-is.com). The principal paying agent is HSBC Bank plc (attn: senior manager, CT client services, corporate trust and loan agency).

The solicitations began on Dec. 5.

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