LONDON - Tower Bridge Funding 2024-3 PLC, a structured finance issuer, has notified note holders of significant developments concerning Belmont Green Finance Limited, a key entity in its residential mortgage-backed securitization transaction. Belmont Green, now known as Vida Bank Limited, has obtained a banking license from the UK's Prudential (LON:PRU) Regulation Authority and Financial Conduct Authority as of November 19, 2024.
The authorization allows the newly named Vida Bank Limited to accept deposits, marking a pivotal shift in its operational capabilities. This development could potentially influence the financial dynamics of the securitization transaction involving Tower Bridge Funding and its issued notes.
In addition to the banking license, Vida Bank Limited has undergone a rebranding, changing its corporate name from Belmont Green Finance Limited. The name change took effect on November 25, 2024, and as part of its rebranding efforts, the company has also updated its online presence with a new corporate website, now accessible at www.vidabank.co.uk.
The notes involved in the transaction, which include multiple classes ranging from Class A to Class Z, are due in December 2066. The details of these notes and their associated conditions are governed by the Master Definitions Schedule, which was established on September 19, 2024, and is incorporated into this notice for reference.
This announcement serves purely as an informational update to note holders and does not suggest any immediate financial impact or change in the terms of the notes. However, the issuer has taken steps to ensure that all note holders are aware of the changes within the company that plays a significant administrative role in the securitization transaction.
The information provided in this article is based on a press release statement from Tower Bridge Funding 2024-3 PLC.
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