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JERSEY - Diversity Funding No.1 Limited announced Wednesday it is in discussions regarding the redemption of its variable reference rate notes and the transfer of mortgage loans to a third party.
The Jersey-based company stated it is currently negotiating with its servicer and noteholders about transferring the legal and beneficial title to the remaining mortgage portfolio, according to a press release.
The company plans to make final payments on its Class D, E, F, and G variable reference rate notes on November 14, 2025, followed by the cancellation of the notes and release of charged property from issuer security.
The notes affected include £57.2 million Class D notes, £34.3 million Class E notes, £11.4 million Class F notes, and £11.5 million Class G notes, all due in 2046.
Diversity Funding No.1 cautioned that it cannot yet confirm whether the transaction will be successfully implemented, noting that the announcement should not be construed as an agreement regarding any transaction proposals.
The company indicated it will notify noteholders about any agreements reached regarding the proposed transaction.
The notes were originally issued as part of a securitization established in November 2007.
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