Kensington Mortgages

Press Releases • December, 2020

Withdrawal Notices: Gemgarto 2018-1 Negative Consent Process


Withdrawal Notices: GMG 2018-1 Negative Consent Process

On Monday 7th December, the issuer withdrew the negative consent process that was launched in November in relation to Gemgarto 2018-1 for the purpose of modifying the reference rate applicable to all classes of outstanding notes from 3 month GBP LIBOR to Compounded Daily SONIA with effect from the deal’s next IPD in December 2020. The withdrawal notices are available on the Euronext website (search for ‘Gemgarto’).

No objection from any Class A noteholder was received by the issuer or the trustee but the decision was made to proactively cease the GMG18-1 negative consent process in order to make certain amendments to the margin adjustment methodology described in the original notice to noteholders. The issuer expects to re-launch the negative consent process next year.