83NO Lanark M.i.1a1

TIDM83NO

RNS Number : 3312B

Lanark Master Issuer PLC

29 January 2020

NOTICE IN RESPECT OF PROPOSED BASE RATE MODIFICATION AND NOTICE OF ADJUSTED MARGINS

29 January 2020

LANARK MASTER ISSUER PLC

(incorporated in England and Wales with limited liability under registered number 6302751)

(the "Issuer")

NOTICE

to the holders of the following Notes:

 
                                                            Common Code             Aggregate 
    Description of                  ISIN                    Reg S / Rule            Principal 
         Notes                Reg S / Rule 144A                 144A            Amount Outstanding 
----------------------  ----------------------------  ----------------------  -------------------- 
 
 GBP800,000,000          XS1639251922 / XS1639368957   163925192 / 163936895     GBP800,000,000 
  Series 2017-1 Class 
  2A Notes due 2069 
  (the "Series 2017-1 
  Class 2A Notes") 
 GBP285,000,000          XS1759231522 / XS1760615291   175923152 / 176061529     GBP285,000,000 
  Series 2018-1 Class 
  2A Notes due 2069 
  (the "Series 2018-1 
  Class 2A Notes" 
  and, together with 
  the Series 2017-1 
  Class 2A Notes, 
  the "2017/2018 
  Notes") 
 GBP250,000,000          XS1839669527 / XS1839669873   183966952 / 183966987     GBP250,000,000 
  Series 2018-2 Class 
  2A Notes due 2069 
  (the "2018-2 Notes") 
 

(each a "Series", together the "Notes" and the holders thereof, the "Noteholders")

Series 2017-1 Class 2A Notes

NOTICE IS HEREBY GIVEN to the holders of the Series 2017-1 Class 2A Notes (the "Series 2017-1 Class 2A Noteholders") that, following the conclusion of the Meeting of such Series 2017-1 Class 2A Noteholders and the passing of the Extraordinary Resolution(s) set out in the Notice of Meetings previously notified to the Series 2017-1 Class 2A Noteholders in accordance with the terms of the amended and restated trust deed dated 20 June 2017 relating to the Programme (as modified, supplemented and/or restated in respect of the Notes) for such Series 2017-1 Class 2A Notes and the Eligibility Condition having been satisfied, the determination of the relevant market observable screen spot rates took place at on or about 1 p.m. London time (the "Pricing Time") on 29 January 2020.

Accordingly,

(a) the New Margin in respect of the Series 2017-1 Class 2A Notes has been determined as 0.668 per cent., calculated as the sum of:

                (i)                the Original Margin being 0.550 per cent.; plus 
                (ii)               the Forward Start Adjustment being 0.001 per cent; plus 
                (ii)               the LIBOR v SONIA Interpolated Basis being 0.117 per cent. 

(b) the New Step-Up Margin in respect of the Series 2017-1 Class 2A Notes has been determined as 1.218 per cent., calculated as the sum of:

                (i)                the Original Step-Up Margin being 1.100 per cent; plus 
                (ii)               the Forward Start Adjustment being 0.001 per cent.; plus 
                (ii)               the LIBOR v SONIA Interpolated Basis being 0.117 per cent. 

Series 2018-1 Class 2A Notes

NOTICE IS HEREBY GIVEN to the holders of the Series 2018-1 Class 2A Notes (the "Series 2018-1 Class 2A Noteholders") that, following the conclusion of the Meeting of such Series 2018-1 Class 2A Noteholders and the passing of the Extraordinary Resolution(s) set out in the Notice of Meetings previously notified to the Series 2018-1 Class 2A Noteholders in accordance with the terms of the amended and restated trust deed dated 20 June 2017 relating to the Programme (as modified, supplemented and/or restated in respect of the Notes) for such Series 2018-1 Class 2A Notes and the Eligibility Condition having been satisfied, the determination of the relevant market observable screen spot rates took place at on or about the Pricing Time on 29 January 2020.

Accordingly,

(a) the New Margin in respect of the Series 2018-1 Class 2A Notes has been determined as 0.541 per cent., calculated as the sum of:

                (i)                the Original Margin being 0.420 per cent.; plus 
                (ii)               the Forward Start Adjustment being 0.001 per cent; plus 
                (ii)               the LIBOR v SONIA Interpolated Basis being 0.120 per cent. 

(b) the New Step-Up Margin in respect of the Series 2018-1 Class 2A Notes has been determined as 0.961 per cent., calculated as the sum of:

                (i)                the Original Step-Up Margin being 0.840 per cent; plus 
                (ii)               the Forward Start Adjustment being 0.001 per cent.; plus 
                (ii)               the LIBOR v SONIA Interpolated Basis being 0.120 per cent. 

Series 2018-2 Class 2A Notes

NOTICE IS HEREBY GIVEN to the holders of the Series 2018-2 Class 2A Notes (the "Series 2018-2 Class 2A Noteholders") that, following the conclusion of the Meeting of such Series 2018-2 Class 2A Noteholders and the passing of the Extraordinary Resolution(s) set out in the Notice of Meetings previously notified to the Series 2018-2 Class 2A Noteholders in accordance with the terms of the amended and restated trust deed dated 25 June 2018 relating to the Programme (as modified, supplemented and/or restated in respect of the Notes) for such Series 2018-2 Class 2A Notes and the Eligibility Condition having been satisfied, the determination of the relevant market observable screen spot rates took place at on or about the Pricing Time on 29 January 2020.

(a) the New Margin in respect of the Series 2018-2 Class 2A Notes has been determined as 0.642 per cent., calculated as the sum of:

                (i)                the Original Margin being 0.520 per cent.; plus 
                (ii)               the Forward Start Adjustment being 0.001 per cent; plus 
                (ii)               the LIBOR v SONIA Interpolated Basis being 0.121 per cent. 

(b) the New Step-Up Margin in respect of the Series 2018-2 Class 2A Notes has been determined as 1.162 per cent., calculated as the sum of:

                (i)                the Original Step-Up Margin being 1.040 per cent; plus 
                (ii)               the Forward Start Adjustment being 0.001 per cent.; plus 
                (ii)               the LIBOR v SONIA Interpolated Basis being 0.121 per cent. 

The relevant Extraordinary Resolution will be implemented as soon as reasonably practicable after the Pricing Time.

LANARK MASTER ISSUER PLC

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END

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January 29, 2020 09:01 ET (14:01 GMT)

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