Haven Funding Plc – Surrender and cancellation of £15,100,000 of the £256,308,755 8.125% Secured Bonds due 2037
Haven Funding Plc (Haven) is a special purpose company which issued £256,308,755 8.125 per cent. Secured Bonds due 2037 (the Bonds) originally constituted and secured by a trust deed dated 11 March 1997 (as amended and supplemented) (the Trust Deed). The Proceeds of the issue of the Bonds were loaned to various housing associations (the Borrowers) pursuant to various loan agreements including First Wessex (FW) under a loan agreement dated 11 March 1997 (as amended and supplemented by a first supplemental loan agreement dated 24 June 1997 and a second supplemental loan agreement dated 20 November 1997 (the Loan Agreement). Such loans have been secured on properties of the Borrowers.
Pursuant to the terms of the Trust Deed and the Loan Agreement, a Borrower may purchase Bonds and surrender them to Haven to be cancelled. Following such surrender an equivalent amount of the Loan Agreement shall be deemed to be prepaid.
First Wessex has purchased £5,100,000 in aggregate principal amount of the Bonds in the market and has surrendered such Bonds to Haven (the Surrendered Bonds). The Surrendered Bonds have been cancelled in accordance with the requirement of the Trust Deed on 28 March 2017.
Following the cancellation of the Surrendered Bonds there are now £241,208,755 in aggregate principal amount of the Bonds outstanding.