Sandwell defaults on interest payment on class E mortgage-backed notes

Chicago, Dec. 21 – Sandwell Commercial Finance No. 1 plc had a shortfall on the Nov. 11 interest payment for £61,493.20 on the £5 million class mortgage-backed floating-rate notes due 2039 (ISIN: XS0191373926), according to a notice.

This shortfall was a direct result of the balance of the class E principal deficiency sub-ledger exceeding 50% of the principal amount outstanding of the class E notes, which prevented the use of principal receipts to fund the shortfall, and also prevented drawings under the liquidity facility.

If more than 25% of noteholders notify the trustee to deliver a note enforcement notice that the notes are due and payable because of the default, the trustee will do so.

Noteholders who wish to contact the trustee should send an email to restructuringgroup@citi.com and reference “Sandwell Commercial Finance No.1 plc" and the ISIN of the notes in the subject line.

Sandwell is a commercial mortgage-backed security based out of the United Kingdom.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.