TIDM91RC
RNS Number : 6214L
NewDay Partnership Funding 2017-1
13 September 2021
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE
REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW).
IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER
INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS
NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.
If you are in any doubt as to the action you should take, you
are recommended to seek your own financial advice immediately from
your stockbroker, bank manager, solicitor, accountant or other
financial adviser authorised under the Financial Services and
Markets Act 2000 (if you are in the United Kingdom), or from
another appropriately authorised independent financial adviser and
such other professional advice from your own professional advisers
as you deem necessary.
This Notice is addressed only to holders of the Notes and
persons to whom it may otherwise be lawful to distribute it
("relevant persons"). It is directed only at relevant persons and
must not be acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this Notice
relates is available only to relevant persons and will be engaged
in only with relevant persons.
If you have recently sold or otherwise transferred your entire
holding(s) of Notes, you should immediately forward this document
to the purchaser or transferee or to the stockbroker, bank or other
agent through whom the sale or transfer was effected for
transmission to the purchaser or transferee.
THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT
BE CONSTRUED AS, AN OFFER FOR SALE, EXCHANGE OR SUBSCRIPTION FOR,
OR A SOLICITATION OF ANY OFFER TO BUY, EXCHANGE OR SUBSCRIBE FOR,
ANY SECURITIES OF THE ISSUER OR ANY OTHER ENTITY IN ANY
JURISDICTION.
In accordance with normal practice, none of the Issuer, the
Negative Consent Coordinator, the Note Trustee, the Security
Trustee, the Agents or their affiliates (or their respective
directors, employees, officers, consultants or agents) expresses
any view or opinion whatsoever as to the Proposed LIBOR
Modification, the Proposed Amendments, the Amended Documents (each
as defined below) or the information set out in this Notice; and
none of the Issuer, the Negative Consent Coordinator, the Note
Trustee or the Security Trustee makes any representation or
recommendation whatsoever as to any action to be taken or not taken
by Noteholders in relation to the Proposed LIBOR Modification, the
Proposed Amendments, the Amended Documents or this Notice, or any
document prepared in connection with any of them. Accordingly, the
Issuer, the Negative Consent Coordinator, the Note Trustee and the
Security Trustee urge Noteholders who are in any doubt as to the
impact of the implementation of the Proposed LIBOR Modification,
the Proposed Amendments, the Amended Documents or this Notice or
any document prepared in connection with any of them (including any
tax or other consequences) to seek their own independent financial,
tax and legal advice. None of the Issuer, the Note Trustee, the
Security Trustee or the Negative Consent Coordinator has made, nor
will they make, any assessment of the merits of the Proposed LIBOR
Modification, the Proposed Amendments, the Amended Documents or
this Notice or of the impact of the Proposed LIBOR Modification,
the Proposed Amendments, the Amended Documents or this Notice on
the interests of the Noteholders either as a class or as
individuals.
NEWDAY PARTNERSHIP FUNDING 2017-1 PLC
1 Bartholomew Lane
London EC2N 2AX
United Kingdom
(the "Issuer")
NOTICE IN RESPECT OF PROPOSED LIBOR MODIFICATION - OUTCOME OF
NEGATIVE CONSENT PROCESS
to the holders of the following notes of the Issuer presently
outstanding
GBP222,300,000 Series 2017-1 Class A Asset-Backed Floating Rate
Notes due 2022
ISIN XS1674677767
GBP29,400,000 Series 2017-1 Class B Asset-Backed Floating Rate
Notes due 2022
ISIN XS1674678492
GBP22,200,000 Series 2017-1 Class C Asset-Backed Floating Rate
Notes due 2022
ISIN XS1674678575
GBP11,100,000 Series 2017-1 Class D Asset-Backed Floating Rate
Notes due 2022
ISIN XS1674678732
GBP8,700,000 Series 2017-1 Class E Asset-Backed Floating Rate
Notes due 2022
ISIN XS1674678815
GBP4,800,000 Series 2017-1 Class F Asset-Backed Floating Rate
Notes due 2022
ISIN XS1674678906
(the "Noteholders" and the "Notes", respectively)
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
NOTEHOLDERS.
1. We refer to the initial notice to Noteholders (RNS Number:
9083H) dated 6 August 2021 (the "First Notice"), which set forth
the Issuer's intention to amend the Note Conditions, the Series
2017-1 Loan Note Supplement, the Series 2017-1 Supplement and the
Global Note Certificates (the "Amended Documents") to:
(a) remove references to "LIBOR";
(b) introduce the definitions of "Screen" and "Reference Rate"
to refer to a Sterling Overnight Index Average ("SONIA")-based
rate;
(c) change the interest rate calculation provisions applicable
to the Series 2017-1 Investor Interest, the Rate of Interest (as
defined in the Note Conditions), the Series 2017-1 Loan Notes and
the Notes to refer to a SONIA-based rate; and
(d) make certain consequential amendments,
(the "Proposed LIBOR Modification"). The Amended Documents in
blackline format can be viewed at the following website
https://newday.co.uk/investor-relations/securitisation . The
changes set out therein are referred to in this Notice as the
"Proposed Amendments".
2. T he Issuer hereby gives notice to the Noteholders in
accordance with Note Condition 18 (Notices) that, in connection
with the Issuer's intention to effect the Proposed Amendments and
the Proposed LIBOR Modification, no Noteholders have objected, in
accordance with the process set out in the First Notice, to the
Proposed Amendments.
3. Accordingly, the Issuer will proceed with implementing the
Proposed LIBOR Modification and the Proposed Amendments.
4. An additional notification will be made to Noteholders in
accordance with Note Condition 18 (Notices) notifying the
Noteholders of the implementation of the Proposed Amendments.
5. Noteholders with queries concerning the content of this
Notice are requested to contact the Issuer, with a copy to NewDay
Cards Ltd as Co-Arranger, BNP Paribas in its capacity as the
negative consent coordinator (the "Negative Consent Coordinator")
and Lucid Issuer Services Limited as tabulation agent (the
"Tabulation Agent") using the details set out below:
Contact Details:
Issuer: NEWDAY PARTNERSHIP FUNDING 2017-1 PLC
1 Bartholomew Lane
London EC2N 2AX
Email: directors-uk@intertrustgroup.com
Attention: the Directors
With a copy to:
Co-arranger: NEWDAY CARDS LTD
7 Handyside Street
London N1C 4DA
Email: Graham.Stanford@newday.co.uk
Attention: Graham Stanford
Negative Consent Coordinator: BNP PARIBAS
16 boulevard des Italiens
75009 Paris, France
with a copy to:
10 Harewood Avenue
London, NW1A 6AA
United Kingdom
Tel: +442075953770
Attention: Bilal Husain, Sahil Khanna
Email: dl.synspgeurope@uk.bnpparibas.com
Tabulation Agent: Lucid Issuer Services Limited
The Shard, 32 London Bridge Street
London SE1 9SG
Tel: +44 207 704 0880
Attention: David Shilson
Email: newday@lucid-is.com
This Notice is given by
NEWDAY PARTNERSHIP FUNDING 2017-1 PLC
as Issuer
Dated 13 September 2021
LEI: 2138003OW92Y9CL7JF85
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END
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