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RMF Euro CDO III PLC (IRSH)

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Thursday 05 April, 2012

RMF Euro CDO III PLC

Amendment to the Collateral Management Agreement

RNS Number : 9295A
RMF Euro CDO III PLC
05 April 2012
 



COMPANY ANNOUNCEMENT



For Immediate Release

5 April 2012



RMF EURO CDO III PLC

 

(the "Issuer" )


RE: Amendment to the Collateral Management Agreement

                                                                                         

 

The Issuer hereby wishes to announce that pursuant to Clause 26.2 of the Trust Deed dated 11 August 2005 (as amended, supplemented and restated from time to time, between, inter alios, the Issuer and the Trustee, the "Trust Deed"), on 5 April 2012 and in accordance with the terms of the Collateral Management Agreement and the Trust Deed, the relevant parties agreed and entered into the following amendment to the Collateral Management Agreement:

 

The fourth, fifth and sixth paragraphs of Clause 25.1 (Interest Rate Hedging) of the Collateral Management Agreement (for the avoidance of doubt, the fourth paragraph beginning "On the Effective Date …", and the sixth paragraph ending " …varied with Rating Agency Confirmation.") were deleted in their entirety and replaced with the following:

"Where the outstanding principal amount of Fixed Rate Collateral Debt Obligations is less than 5 per cent. of the Aggregate Principal Balance of all Collateral Debt Obligations (the "Hedging Threshold") there is no requirement for hedging pursuant to Interest Rate Hedge Transactions to be put in place.  Where, however, the outstanding principal amount of Fixed Rate Collateral Debt Obligations is equal to or more than 5 per cent. of the Aggregate Principal Balance of all Collateral Debt Obligations then Interest Rate Hedge Transactions will be required such that on the Effective Date and thereafter on each Measurement Date, the aggregate notional amount under such Interest Rate Hedge Transactions will be approximately equal to 85 per cent. of the outstanding principal amount of Fixed Rate Collateral Debt Obligations on such date (subject to a minimum of 75 per cent. and a maximum of 115 per cent. of such principal amount; such limits may be varied with Rating Agency Confirmation).

As soon as reasonably practicable following any reinvestment or acquisition of Collateral Debt Obligations which results in the increase in the amount of Collateral Debt Obligations which bear interest at a fixed rate from the amount prior to such reinvestment or acquisition, subject to the Hedging Threshold, the Collateral Manager, acting on behalf of the Issuer, shall cause the outstanding notional amount of Interest Rate Hedge Transactions that are interest rate swap transactions to be adjusted such that the aggregate notional amount under all Interest Rate Hedge Transactions that are interest rate swap transactions will be approximately equal to 85 per cent. of the outstanding principal amount of Fixed Rate Collateral Debt Obligations on such date (subject to a minimum of 75 per cent. and a maximum of 115 per cent. of such principal amount; such limits may be varied with Rating Agency Confirmation).

Where the aggregate amount under all Interest Rate Hedge Transactions that are interest rate swap transaction equals or exceeds 95 per cent. of the outstanding principal amount of Fixed Rate Collateral Debt Obligations, the Collateral Manager shall not unless it receives Rating Agency Confirmation to the contrary, enter into any additional interest rate swap transactions in respect of Fixed Rate Collateral Debt Obligations.

As soon as reasonably practicable following any sale or early redemption of Collateral Debt Obligations which results in the decrease in the amount of Collateral Debt Obligations which bear interest at a fixed rate from the amount prior to such sale or early redemption, the Collateral Manager, acting on behalf of the Issuer, may cause the outstanding notional amount of Interest Rate Hedge Transactions that are interest rate swap transactions to be adjusted such that the aggregate notional amount under all Interest Rate Hedge Transactions that are interest rate swap transactions will be, subject to the Hedging Threshold, approximately equal to 85 per cent. of the outstanding principal amount of Fixed Rate Collateral Debt Obligations on such date (subject to a minimum of 75 per cent. and a maximum of 115 per cent. of such principal amount; such limits may be varied with Rating Agency Confirmation)."

 

Capitalised terms used but not otherwise defined herein shall have the meanings given to them in or pursuant to the Trust Deed and/or the Terms and Conditions of the Notes set out therein.

 

Copies of the Transaction Documents are available for inspection at the specified offices of the Principal Paying Agent at 125 Old Broad Street, London EC2N 1AR during normal business hours by Noteholders upon proof, to the satisfaction of the Principal Paying Agent, of their identity as such.

 

 

 

Enquiries:




RMF EURO CDO III PLC

c/o Pemba Credit Advisers AG

Huobstrasse 3

CH-8808 Pfaeffikon

Switzerland

Attn:                 Marek Kuzdra

Telephone:        +41554149020

Facsimile:         +41554149061

Email:               clientservice@pembacreditadvisers.com

 

 

 

 


NCB Stockbrokers Limited

Ms Lorena Thornton

Phone: +353 1 611 5907

 

 

 

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
 
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