Sale of Receivables by UK Receivables Trust
21 Juin 2010 - 7:31PM
UK Regulatory
TIDM81CL
RNS Number : 9925N
Chester Asset Recs Deals 2004-1 PLC
21 June 2010
Chester Asset Receivables Dealings 2004-1 Plc
(Company No. 05018927)
Registered Address
c/o Wilmington Trust, SP Services London Limited
Fifth Floor 6 Broad Street Place
London
EC2M 7JH
Announcement by Chester Asset Receivables Dealings 2004-1 Plc (the "CARDS
Issuer") of Sale by Credit Card Securitisation Europe Limited (the "Receivables
Trustee") of Receivables currently owned by the UK Receivables Trust II (the
"Receivables Trust II").
Relevant Series:
Series UK2004-1 GBP440,000,000 Class A Asset Backed Floating Rate Notes
scheduled to be redeemed in 2014
Series UK2004-1 GBP25,000,000 Class B Asset Backed Floating Rate Notes scheduled
to be redeemed in 2014
Series UK2004-1 GBP35,000,000 Class C Asset Backed Floating Rate Notes scheduled
to be redeemed in 2014
Date: 21 June 2010
We have been informed that, to address a recent change in charge-off policy as a
result of discussions with the OCC, MBNA Europe Bank Limited ("MBNA Europe" or
"Servicer") altered the procedures applying to the timing of charging-off
accounts that are subject to the Servicer's debt management procedures (the
"Debt Management Accounts"). As a result of these changes, MBNA Europe would be
required on 23 June 2010 to charge-off approximately GBP122,975,207 of principal
receivables arising on Debt Management Accounts that are part of the portfolio
of receivables which are currently owned by the Receivables Trust II.
MBNA Europe and the Receivables Trustee entered into a sale and call option
agreement dated today's date (the "Sale and Call Option Agreement") pursuant to
which the Receivables Trustee sold and MBNA Europe purchased all present and
future receivables on certain Debt Management Accounts prior to them being
charged-off, the purchase price being 100% of the principal value of the
aggregate principal receivables on such Debt Management Accounts.
MBNA Europe has informed us that details of the exact amount of principal
receivables repurchased by MBNA Europe as Transferor under the Sale and Call
Option Agreement will be set out in the Monthly Servicer's Reports following the
repurchase.
For further information, please contact:
The Directors
Tel: 020 7614 1111
This information is provided by RNS
The company news service from the London Stock Exchange
END
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