0001539497-17-000126.txt : 20170213 0001539497-17-000126.hdr.sgml : 20170213 20170213155813 ACCESSION NUMBER: 0001539497-17-000126 CONFORMED SUBMISSION TYPE: 424H/A PUBLIC DOCUMENT COUNT: 1 0001541480 0000312070 FILED AS OF DATE: 20170213 DATE AS OF CHANGE: 20170213 Commercial mortgages FILER: COMPANY DATA: COMPANY CONFORMED NAME: Barclays Commercial Mortgage Securities LLC CENTRAL INDEX KEY: 0001541480 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 270108800 FILING VALUES: FORM TYPE: 424H/A SEC ACT: 1933 Act SEC FILE NUMBER: 333-206987 FILM NUMBER: 17598896 BUSINESS ADDRESS: STREET 1: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-412-4000 MAIL ADDRESS: STREET 1: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BBCMS Mortgage Trust 2017-C1 CENTRAL INDEX KEY: 0001696707 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 424H/A SEC ACT: 1933 Act SEC FILE NUMBER: 333-206987-01 FILM NUMBER: 17598897 BUSINESS ADDRESS: STREET 1: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-412-4000 MAIL ADDRESS: STREET 1: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 424H/A 1 n846_x9-424ha.htm AMENDMENT TO FORM 424H

 

    FILED PURSUANT TO RULE 424(h)
    REGISTRATION FILE NO.: 333-206987-01

 

The information in this supplement is not complete and may be changed. This supplement is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

 

The preliminary prospectus to which this is a supplement, dated February 10, 2017, may be amended or completed prior to the time of sale.

 

 

SUPPLEMENT
(To Prospectus Dated February 10, 2017)

 

$747,709,478 (Approximate)

BBCMS MORTGAGE TRUST 2017-C1
(Central Index Key Number 0001696707)

Issuing Entity

Barclays Commercial Mortgage Securities LLC
(Central Index Key Number 0001541480)

Depositor

Barclays Bank PLC
(Central Index Key Number 0000312070)

UBS AG
(Central Index Key Number 0001685185)

Rialto Mortgage Finance, LLC
(Central Index Key Number 0001592182)

Sponsors and Mortgage Loan Sellers

Commercial Mortgage Pass-Through Certificates, Series 2017-C1

This is a supplement (“Supplement”) to the prospectus dated February 10, 2017, as supplemented by the supplement to the prospectus, dated February 10, 2017 (collectively, the “Preliminary Prospectus”). Capitalized terms used in this supplement but not defined herein have the meanings given to them in the Preliminary Prospectus.

Structural Update

1.                Class X-B Notional Amount.

A. The approximate initial Notional Amount of the Class X-B Certificates is changed from $148,686,317 to $110,176,843. The approximate initial available Notional Amount of the Class X-B Certificates is changed from $141,252,000 to $104,668,000. The approximate initial retained Notional Amount of the Class X-B Certificates is changed from $7,434,317 to $5,508,843. The Notional Amount of the Class X-B certificates is changed from being equal to the aggregate certificate balances of the Class A-S, Class B and Class C certificates outstanding from time to time to being equal to the aggregate certificate balances of the Class A-S and Class B certificates outstanding from time to time.

B. The pass-through rate for the Class X-B certificates for any distribution date is changed from being a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-S, Class B and Class C certificates for the related distribution date, weighted on the basis of their respective aggregate certificate balances outstanding immediately prior to that distribution date to a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-S and Class B certificates for the related distribution date, weighted on the basis of their respective aggregate certificate balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

C. The Notional Amount of the Class X-B certificates is changed from being reduced by the aggregate amount of principal losses or principal payments, if any, allocated to the Class A-S, Class B and Class C certificates to being reduced by the aggregate amount of principal losses or principal payments, if any, allocated to the Class A-S and Class B certificates. A reduction of the certificate balance of the Class A-S and Class B certificates, instead of a reduction in the certificate balance of the Class A-S, Class B and Class C certificates, will result in a corresponding reduction of the Notional Amount of the Class X-B certificates.

 

Barclays   UBS Securities LLC
Co-Lead Manager and Joint Bookrunner   Co-Lead Manager and Joint Bookrunner
  Academy Securities  
  Co-Manager  

 

The date of this Supplement is February 13, 2017

   

 

 

2.       Class X-D Notional Amount.

A. The approximate initial Notional Amount of the Class X-D certificates is changed from $43,856,846 to $82,366,320. The approximate initial available Notional Amount of the Class X-D certificates is changed from $41,664,000 to $78,248,000. The approximate initial retained Notional Amount of the Class X-D certificates is changed from $2,192,846 to $4,118,320. The Notional Amount of the Class X-D certificates is changed from being equal to the certificate balance of the Class D certificates outstanding from time to time to being equal to the aggregate certificate balances of the Class C and Class D certificates outstanding from time to time.

B. The pass-through rate for the Class X-D certificates for any distribution date is changed from a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the pass-through rate on the Class D certificates for the related distribution date, to a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class C and Class D certificates for the related distribution date, weighted on the basis of their respective aggregate certificate balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

C. The Notional Amount of the Class X-D certificates will be reduced by the aggregate amount of principal losses or principal payments, if any, allocated to the Class C and Class D certificates, instead of just being reduced by the amount of principal losses or principal payments, if any, allocated to the Class D certificates. A reduction of the certificate balance of the Class C or Class D certificates will result in a corresponding reduction of the Notional Amount of the Class X-D certificates, instead of just a reduction of the certificate balance of the Class D certificates resulting in a corresponding reduction of the Notional Amount of the Class X-D certificates.

3.       Class A-3 Changes.

A. The approximate initial Certificate Balance of the Class A-3 certificates is changed from $105,263,158 to $152,631,581. The approximate initial available Certificate Balance of the Class A-3 certificates is changed from $100,000,000 to $145,000,000. The approximate initial retained Certificate Balance of the Class A-3 certificates is changed from $5,263,158 to $7,631,581.

B. The weighted average life of the Class A-3 certificates is changed from 9.77 years to 9.78 years.

C. The chart showing the percent of the initial Certificate Balance of the Class A-3 certificates at the respective CPPs is deleted in its entirety and replaced with the following:

Percent of the Initial Certificate Balance
of the Class A-3 Certificates at the Respective CPPs
Set Forth Below:

Distribution Date

0% CPP

25% CPP

50% CPP

75% CPP

100% CPP

Closing Date 100% 100% 100% 100% 100%
February 2018 100% 100% 100% 100% 100%
February 2019 100% 100% 100% 100% 100%
February 2020 100% 100% 100% 100% 100%
February 2021 100% 100% 100% 100% 100%
February 2022 100% 100% 100% 100% 100%
February 2023 100% 100% 100% 100% 100%
February 2024 100% 100% 100% 100% 100%
February 2025 100% 100% 100% 100% 100%
February 2026 100% 100% 100% 100% 100%
February 2027 and thereafter 0% 0% 0% 0% 0%
Weighted Average Life (years) 9.78 9.73 9.66 9.59 9.40

4.       Class A-4 Changes.

A. The approximate initial Certificate Balance of the Class A-4 certificates is changed from $366,928,423 to $319,560,000. The approximate initial available Certificate Balance of the Class A-4 certificates is changed from $348,582,000 to $303,582,000. The approximate initial retained Certificate Balance of the Class A-4 certificates is changed from $18,346,423 to $15,978,000.

B. The weighted average life of the Class A-4 certificates is changed from 9.87 years to 9.88 years.

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C. The chart showing the percent of the initial Certificate Balance of the Class A-4 certificates at the respective CPPs is deleted in its entirety and replaced with the following:

Percent of the Initial Certificate Balance
of the Class A-4 Certificates at the Respective CPPs
Set Forth Below:

Distribution Date

0% CPP

25% CPP

50% CPP

75% CPP

100% CPP

Closing Date 100% 100% 100% 100% 100%
February 2018 100% 100% 100% 100% 100%
February 2019 100% 100% 100% 100% 100%
February 2020 100% 100% 100% 100% 100%
February 2021 100% 100% 100% 100% 100%
February 2022 100% 100% 100% 100% 100%
February 2023 100% 100% 100% 100% 100%
February 2024 100% 100% 100% 100% 100%
February 2025 100% 100% 100% 100% 100%
February 2026 100% 100% 100% 100% 100%
February 2027 and thereafter 0% 0% 0% 0% 0%
Weighted Average Life (years) 9.88 9.86 9.85 9.82 9.57

 

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