REG - Atlas Funding 2022-1 - Statement re Manifest Error

Bank Of New York MellonAnnouncement

23/09/2022 18:45

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RNS Number : 5212A  Atlas Funding 2022-1 PLC  23 September 2022

 

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE BENEFICIAL
OWNERS OF THE NOTES. 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

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN
ANY DOUBT ABOUT THE ACTION YOU SHOULD TAKE, YOU SHOULD IMMEDIATELY CONSULT
YOUR STOCKBROKER, BANK MANAGER, SOLICITOR, ACCOUNTANT OR OTHER PROFESSIONAL
ADVISER AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (IF YOU
ARE IN THE UNITED KINGDOM) OR ANOTHER APPROPRIATELY AUTHORISED INDEPENDENT
FINANCIAL ADVISER (IF YOU ARE NOT)

IF YOU HAVE RECENTLY SOLD OR OTHERWISE TRANSFERRED YOUR ENTIRE HOLDING(S) OF
NOTES REFERRED TO BELOW, 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 is addressed only to holders of the Notes (as defined below) 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.

THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED
AS, AN OFFER FOR SALE, EXCHANGE OR SUBSCRIPTION OF, OR A SOLICITATION OF ANY
OFFER TO BUY, EXCHANGE OR SUBSCRIBE FOR, ANY SECURITIES OF THE ISSUER OR ANY
OTHER ENTITY IN ANY JURISDICTION.

THIS ANNOUNCEMENT MAY CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF THE MARKET ABUSE REGULATION (EU) 596/2014 AND SUCH REGULATION AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018,
AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 (AS
FURTHER AMENDED, VARIED OR SUBSTITUTED FROM TIME TO TIME AS A MATTER OF UK
LAW).

For the avoidance of doubt, nothing in this notice constitutes or should be
construed as constituting an offer to sell, or a solicitation of an offer to
buy, any securities in any jurisdiction or an offer to modify the terms and
conditions of any securities, including the Notes.

This announcement is released by the Issuer and contains information in
relation to the Notes that qualified as inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 ("EU MAR") and for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR"), encompassing information relating to the
Notes. For the purposes of EU MAR, UK MAR and Article 2 of Commission
Implementing Regulation (EU) 2016/1055, this Notice is made CSC Directors
(No.1) Limited, Director.

 

ATLAS FUNDING 2022-1 PLC, 23 September 2022

ATLAS FUNDING 2022-1 PLC
(the "Issuer")

£310,952,000.00 Class A Mortgage Backed Floating Rate Notes due February 2060
(ISIN: XS2455383088)

£25,607,000.00 Class B Mortgage Backed Floating Rate Notes due February 2060
(ISIN: XS2455383328)

£14,633,000.00 Class C Mortgage Backed Floating Rate Notes due February 2060
(ISIN: XS2455383591)

£9,145,000.00 Class D Mortgage Backed Floating Rate Notes due February 2060
(ISIN: XS2455384136)

£4,572,000.00 Class E Mortgage Backed Floating Rate Notes due February 2060
(ISIN: XS2455384219)

£5,473,000.00 Class X1 Mortgage Backed Floating Rate Notes due February 2060

(ISIN: XS2455385703)

£7,316,000.00 Class X2 Mortgage Backed Floating Rate Notes due February 2060
(ISIN: XS2455386420)

£918,000.00Class Z1 Mortgage Backed Fixed Rate Notes due February 2060

(ISIN: XS2455386933)

£5,474,000.00 Class Z2 Mortgage Backed Fixed Rate Notes due February 2060
(ISIN: XS2455387071)

(the "Notes")

We refer to the prospectus published by the Issuer on 11 May 2022 (the
"Prospectus") and the master definitions and construction schedule between,
among others, the Issuer, Lendco Limited (the "Company") and BNY Mellon
Corporate Trustee Services Limited (the "Note Trustee") and dated 12 May 2022
(the "Master Definitions Schedule").

Capitalised terms used but not otherwise defined in this announcement have the
meaning given to them in the Master Definitions Schedule unless context
requires otherwise.

A discrepancy has been identified between the definitions of "Class A
Liquidity Reserve Fund Required Amount" as set out in the Master Definitions
Schedule and as set out in the Prospectus, respectively.

The Issuer and the Company consider that the correct definition is that used
in the Prospectus, namely that the Class A Liquidity Reserve Fund Required
Amount is based on the size of the Class A to E notes (inclusive), whereas the
drafting in the Master Definitions Schedule refers only to the size of the
Class A Notes.

The Issuer and the Company note that the incorrect definition in the Master
Definitions Schedule was used by the parties to run the relevant Priority of
Payments for the August 2022 Interest Payment Date, resulting in a smaller
amount standing to the credit of the Class A Liquidity Reserve Fund Account
than if the correct definition of "Class A Liquidity Reserve Fund Required
Amount" in the Prospectus was used instead.

The Issuer and the Company intend to seek to agree with the Note Trustee any
amendments required to: (i) correct the error in the Master Definitions
Schedule; and (ii) address the ensuing shortfall in the Class A Liquidity
Reserve Fund Account, in each case, as soon as possible.

The Issuer has been informed by the Company that the Company's intention is
that the Class A Liquidity Reserve Fund Account shall be credited through the
normal operation of Priorities of Payments on each Interest Payment Date,
except to the extent the Issuer has been provided with alternative funding,
collateral or credit support to the satisfaction of the Rating Agencies and
any other relevant party, as applicable, under the Transaction Documents.

For further information, please contact:

 Atlas Funding 2022-1 Plc

 For the attention of: The Directors

 10th Floor, 5 Churchill Place

 London, United Kingdom,

 E14 5HU

 Telephone: +44 (0) 203 855 0285

 

END

 

 

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