Dyret SPV (Refinancing 2018): 23 December 2017
The principal source of payment of interest and Variable Return, and of repayment of principal on the Notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of Loan Agreements entered into by Dynamica Retail S.p.A., as Originator, and the relevant Debtors, and purchased by the Issuer from the Originator pursuant to the Receivable Purchase Agreement on 17 April 2014. Dynamica Retail S.p.A. operates in the field of personal loans granted by the assignment of one fifth of the salary or pension (cessione del quinto dello stipendio o della pensione).
On 23 May 2014 (the “First Issue Date”), the Issuer issued €41.1mln Class A Asset Backed Fixed Rate Notes due 2038 and €10.3mln Class B Asset Backed Variable Return Notes due 2038. Pursuant to an amendment agreement to the Transaction Documents entered into by the Issuer and the other parties thereto on 22 December 2014, the nominal amount of the aforesaid notes was increased as follows: €126.4mln Class A Asset Backed Fixed Rate Notes due 2038 and €31.6mln Class B Asset Backed Variable Return Notes due 2038.
On 23 March 2015 the parties to the Transaction Documents agreed to and implemented a restructuring of the securitisation transaction, pursuant to which the Issuer issued on the March 2015 Payment Date (the “Second Issue Date”) €15.8mln Class B Asset Backed Fixed Rate Notes due 2038, €8.6mln Class C Asset Backed Fixed Rate Notes due 2038 and €7.3mln Class D Asset Backed Variable Return Notes due 2038 and it has redeemed in full, for an amount equal to the Principal Amount Outstanding due thereon on such March 2015 Payment Date, and cancelled the Previous Junior Notes.
In the context of the Restructuring the parties to the Transaction Documents also agreed, with effect from the Second Issue Date, to change the interest rate applicable to the Senior Notes from a fixed rate to a floating rate.
On 2 March 2017 and on 21 March 2017 the parties to the Transaction Documents entered into new amendment agreements, pursuant to which they agreed, inter alia, (i) to extend the Ramp-Up Period and (ii) the increase by the Issuer, on or about 21 March 2017 (the “Third Issue Date”), of the aggregate nominal amount of the existing classes of Notes and, for this purpose, the issuance by the Issuer on or about the Third Issue Date of a proportional amount of new notes which will become fungible with the existing classes of Notes. Upon execution of the New Amendment Agreements and the issuance of the new notes, the nominal amount of the Notes was increased as follows: €210.6mln in relation to the Class A Notes, €26.4mln in relation to the Class B Notes, €14.3mln in relation to the Class C Notes and €12.2mln in relation to the Class D Notes.
On 20 December 2017 all the parties to the Transaction Documents entered into a new amendment agreement pursuant to which they have agreed to change again the rate of interest applicable to the Senior Notes from a floating rate to a fixed rate as set out under Condition 7.6 (Rate of Interest) and, as consequence thereof, the Senior Notes will be the €210.6mln Class A Asset Backed Fixed Rate Notes due 2038.
CRR 405: Dynamica Retail S.p.A., as Originator, has undertaken to comply with its obligations under Article 405 of the CRR and Article 51 of the AIFMR, subject always to any requirement of law.