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Silenus (Euro Loan25 (IRSH)

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Thursday 28 April, 2011

Silenus (Euro Loan25

Notice

RNS Number : 7133F
Silenus (Euro Loan Conduit no25)Ltd
28 April 2011
 

Company Name:                        Silenus (European Loan Conduit No. 25) LIMITED

Headline:                                   Notice

 

RNS Number:                

Silenus (European Loan Conduit No. 25) LIMITED

 

 

RIS Notification

 

                                    28 April 2011

 

Silenus (European Loan Conduit No. 25) LIMITED (the "Issuer")

 

€1,035,000,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2019 €50,000 Class X Commercial Mortgage Backed Variable Rate Notes due 2019 €60,000,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2019 €63,000,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2019 €46,000,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2019 €20,000,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2019 €14,500,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2019 €7,007,000 Class G Commercial Mortgage Backed Floating Rate Notes due 2019

 

Being together, the "Notes"

 

The Notes are admitted to the official list of the Irish Stock Exchange and to trading on its regulated market.

 

Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation together with Implementing Directive 2003/12/EC (as implemented in Ireland by the Market Abuse (Directive 2003/6/EC) Regulations 2005) requires disclosure of inside information relating to the Issuer.

 

Defined terms used and not defined herein having the meaning ascribed to them in the Offering Circular dated 20 March 2007.

 

NOTICE

 

Please be advised that an updated valuation of the 17 properties securing the Berlin Residential Loan (the "Properties"), was instructed by Morgan Stanley Mortgage Servicing Limited, in its capacity as Servicer, and was received on 30 March 2011 (the "Updated Valuation").

The original valuation, dated 19 May 2006, showed, subject to the assumptions and disclaimers set out therein, a market value of € 42,809,550 against an original debt of € 36,392,000.

The Updated Valuation, dated 15 February 2011 shows, subject to the assumptions and disclaimers set out therein, a market value of € 36,403,000 against a current debt of € 35,527,690 resulting in a LTV ratio of 97.6%.

Both the original valuation and the Updated Valuation were performed in accordance with RICS valuation standards.

As a result of the Updated Valuation, the Borrower is in breach of the 85% LTV covenant.  Further information will be provided by the Servicer in due course.

 

 

For queries relating to the above please contact: msms-investors@morganstanley.com 

 

Name and signature of the Issuer's agent responsible for making notification:

 

 

Signature

 

Name: Ronan Reilly - Director

 

Date of Notification: 28 April 2011

 

 

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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