Deco 11 lacks funds to redeem its mortgage-backed notes at maturity

By Sarah Lizee

Olympia, Wash., Jan. 24 – Deco 11 - UK Conduit 3 plc said it does not have enough funds to redeem several series of mortgage-backed floating-rate notes on their final maturity date of Jan. 27.

This constitutes a potential event of default under the notes, according to a notice.

The issuer requested that the notes continue to be listed for six months from Jan. 24 or until the notes have been redeemed or discharged and an application has been made to delist the notes.

The affected notes include the following:

• £220 million class A-1 A commercial mortgage-backed floating-rate notes due 2020;

• £64.5 million class A-1 B commercial mortgage-backed floating-rate notes due 2020;

• £45.5 million class A-2 commercial mortgage-backed floating-rate notes due 2020;

• £27 million class B commercial mortgage-backed floating-rate notes due 2020;

• £37 million class C commercial mortgage-backed floating-rate notes due 2020;

• £29 million class D commercial mortgage-backed floating-rate notes due 2020;

• £6 million class E commercial mortgage-backed floating-rate notes due 2020; and

• £5,387,935 class F commercial mortgage-backed floating-rate notes due 2020.

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