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Bradford&Bingley PLC (BBN)

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Friday 28 November, 2008

Bradford&Bingley PLC

Aire Valley Mortgages 2007-1

RNS Number : 1699J
Bradford & Bingley PLC
28 November 2008
 





Bradford & Bingley plc

 


28 November 2008


Aire Valley Mortgages 2007-1 plc (the "Issuer")


USD 1,000,000,000 Series 1 Class A1 Asset Backed Floating Rate Notes due March 2030
 USD 1,075,000,000 Series 1 Class A2 Asset Backed Floating Rate Notes due March 2030

EUR 200,000,000 Series 1 Class A3 Asset Backed Floating Rate Notes due March 2030

GBP 62,500,000 Series 1 Class B Asset Backed Floating Rate Notes due September 2066

GBP 62,500,000 Series 1 Class C Asset Backed Floating Rate Notes due September 2066

USD 700,000,000 Series 2 Class A1 Asset Backed Floating Rate Notes due September 2066

EUR 575,000,000 Series 2 Class A2 Asset Backed Floating Rate Notes due September 2066

GBP 300,000,000 Series 2 Class A3 Asset Backed Floating Rate Notes due September 2066

GBP 75,000,000 Series 2 Class B Asset Backed Floating Rate Notes due September 2066

GBP 81,250,000 Series 2 Class C Asset Backed Floating Rate Notes due September 2066

(the "
Notes")


Following the making of the order on 29 September 2008 in respect of Bradford & Bingley plc ("B&B") under the Banking (Special Provisions) Act 2008, B&B has informed the Issuer that it is in continuing discussion with H.M.Treasury with respect to its future business plan. Pending the completion of those discussions as to the formulation of the business plan, the Issuer has been informed by B&B (in its capacity as Seller in respect of the Aire Valley Master Trust (the "Trust")) that it does not currently anticipate making any cash contributions to the Trust. The Notes will be repaid in accordance with their terms on the basis of allocations of principal and interest and in accordance with the priorities of payment provided for in the Trust documentation. The Issuer currently expects that, on account of the low level of the constant prepayment rate affecting the loan collateral underlying the Notes, the Notes will not be repaid in full on their expected maturity dates and will extend beyond their respective step-up dates. The Issuer confirms that no Non-Asset Trigger Event has occurred in relation to the Trust. The future operation of the Trust will be considered in the formulation of B&B's business plan.


Capitalised terms used in this notice, unless defined herein, have the meanings given to them in the master definitions and construction schedule in relation to the Trust dated 23 July 2008, as amended, varied or supplemented from time to time.



ENDS



Contacts:

Katherine Conway

+44 (0) 1274 554928

Neil Vanham

+44 (0) 1274 806341





This information is provided by RNS
The company news service from the London Stock Exchange
 
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