Honours PLC Notice to the Noteholders (8324R)
December 14 2016 - 5:16AM
UK Regulatory
TIDMBM19
RNS Number : 8324R
Honours PLC
14 December 2016
HONOURS PLC
(the Issuer)
(Incorporated in England and Wales with registered number
03702189 and having its registered office at Third Floor, 1 King's
Arms Yard, London EC2R 7AF)
NOTICE
To the holders of those of the:
GBP291,950,000 Class A1 Asset Backed Floating Rate Notes due
2029 (ISIN: XS0273149962)
GBP54,200,000 Class A2 Asset Backed Floating Rate Notes due
2029
(ISIN: XS0273152677)
GBP33,350,000 Class B Asset Backed Floating Rate Notes due 2029
(ISIN: XS0273153998)
GBP18,000,000 Class C Asset Backed Floating Rate Notes due 2029
(ISIN: XS0273156587)
GBP11,950,000 Class D Asset Backed Floating Rate Notes due 2029
(ISIN: XS0273158443)
GBP8,750,000 Class E Asset Backed Floating Rate Notes due 2029
(ISIN: XS0273159250)
of the Issuer presently outstanding
(the Noteholders and the Notes respectively).
NOTICE IS HEREBY GIVEN to the Noteholders that:
1) on 28 November 2016, S&P placed on Creditwatch negative
their ratings on the Notes and on 9 December 2016, S&P
suspended all of their ratings on the Notes stating that they had
requested the most recent annual repayment cohort performance data
(the Data) to resolve the Creditwatch negative placement and that
this Data had not been supplied to it;
2) as far as the Issuer is aware, this Data has not been
requested by or provided to S&P for a number of years (and was
not provided to S&P by the previous servicer, Capita Customer
Management Limited (Capita));
3) the new servicer, Link Financial Outsourcing Limited (Link)
was therefore not aware at the time it was appointed as servicer
that this Data would be required by S&P and until late November
2016 the Issuer had not directly received a request from S&P
for this Data to be produced and was not provided with the
underlying information from Capita at the time of the transfer of
the servicing to Link in January 2016 in order for Link to be able
to readily produce the Data so requested by S&P;
4) accordingly, in order for Link to produce this Data, it will
need to obtain the relevant historical information from Capita and
it is currently liaising with Capita in order to obtain the
relevant information; and
5) assuming this information is forthcoming Link should be in a
position to generate the requested Data in the new year.
Capitalised terms in this notice shall, except where the context
otherwise requires and save where otherwise defined herein, bear
the meanings ascribed to them in the Transaction Master Definitions
and Framework Deed between, inter alios, the Issuer and the
Security Trustee dated 10 November 2006, copies of which are
available for inspection during usual business hours at the offices
of the Issuer set out below.
This Notice is given by:
Honours PLC,
Third Floor,
1 King's Arms Yard,
London EC2R 7AF
Attention: The Directors
Telephone: +44 (0) 20 7397 3600
Fax: +44 (0) 20 7397 3601
e-mail: Transactionteam@wilmingtontrust.com
Ref: Honours PLC
Dated: 14 December 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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