On June 26, 2023, Lamington Road DAC (the “Company”) notified U.S. Bank National Association, as Trustee (the “Trustee”) under the Indenture with respect to the Company’s outstanding Series A Notes, Series B Notes and PPNs, that it will cash pay $1,651,217.23 of the Series A Note interest payable for the 6-month period ending June 30, 2023 and PIK pay $1,466,992.

With respect to the Series B Note interest, the Company notified the Trustee that it will pay PIK Interest (in lieu of cash payment) on 100 percent of the Series B Notes outstanding for the 6-month period ending June 30, 2023.  The Company anticipates the PIK interest portion of the Series B Note payment will equal $2,732,875.
 
After the June 30, 2023 interest payment date, the outstanding principal amount of the Series A Notes and Series B Notes is anticipated to be $56,295,145 and $71,054,738, respectively.

Minimum Cash Balance
As of June 15, 2023, the cash balance of the Company was $4,967,651.  As approved by the Board, the Company’s Minimum Cash Balance was $3,000,000.
  
Please refer to the risk factors section of our website.

First Amendment to Indenture
On July 18, 2023, Lamington Road entered into the First Amendment (the “Amendment”) to Indenture dated as of April 7, 2021 by and between the Company and U.S. Bank National Association (the “Indenture”) to extend the Company’s ability to make open market purchases of the Series A Notes and/or Series B Notes issued under the Indenture for so long as those Notes remain outstanding. 

Under the existing Indenture, Lamington Road’s ability to make open market purchases expired on December 31, 2022.  The Amendment removes the December 31, 2022 expiration date and allows the Board of Directors to exercise its discretion to purchase the Series A Notes and/or Series B Notes in the open market, at its option, provided that each such transaction is in a minimum denomination of €100,000 (or its U.S. dollar equivalent) (and an integral multiple of $1.00 in excess thereof), Lamington Road maintains compliance with the Minimum Cash Balance requirements under the Indenture immediately following such transactions, and the Board has approved such purchases by “Defined Majority Approval”.  Defined Majority Approval is defined in the Indenture as “the affirmative approval of the members of the Board as follows: (i) if five directors are voting, the affirmative approval of four such directors is required to approve; (ii) if four directors are voting, the affirmative approval of three such directors is required to approve; and (iii) if two or three directors are voting, the affirmative approval of two such directors is required to approve.”