Why did the interest rate change on one of my Notes?

Occasionally the interest margin the company pays will change depending on the circumstances of the borrower. For example if a company seeks any amendments to the terms of its loans or bonds a ‘one-off consent fee’ combined with an upwards margin adjustment may occur in exchange for these amendments. Alternatively, if the company's circumstances weaken margins may be reduced or increased or paid in non-cash form (called “PIK interest” because the interest is added to the principal amount of the loan or bond and received when the entire loan or bond is repaid). Members will be notified of these changes in the Status section of their Note summaries within their account and within the Company Information page in the Note Status section.

Capital at risk. No FSCS cover. See Risk Statement.