Elizabeth Finance

Notice to Holders

RNS Number : 7367Y
Elizabeth Finance 2018 DAC
10 May 2019
 

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF CLASS A NOTEHOLDERS, CLASS B NOTEHOLDERS, CLASS C NOTEHOLDERS, CLASS D NOTEHOLDERS AND CLASS E NOTEHOLDERS (THE "NOTEHOLDERS"). IF THE NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THAT THEY SHOULD TAKE, THEY SHOULD IMMEDIATELY CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000.

RIS NOTIFICATION

To:

Euronext Dublin
28 Anglesea Street
Dublin 2
Ireland

Date: 10 May 2019

ELIZABETH FINANCE 2018 DAC
(incorporated in Ireland with limited liability with company registration number 626772)
(the "Issuer")

£50,680,000 Class A Commercial Mortgage-Backed Floating Rate Notes due 2028

(ISIN: XS1857321183, Common Code: 185732118)

Class X1 Certificate

(ISIN: XS1857328196, Common Code: 185732819)

Class X2 Certificate

(ISIN: XS1857333949, Common Code: 185733394)

£10,970,000 Class B Commercial Mortgage-Backed Floating Rate Notes due 2028

(ISIN: XS1857321423, Common Code: 185732142)

£10,200,000 Class C Commercial Mortgage-Backed Floating Rate Notes due 2028

(ISIN: XS1857321779, Common Code: 185732177)

£14,670,000 Class D Commercial Mortgage-Backed Floating Rate Notes due 2028

(ISIN: XS1857322074, Common Code: 185732207)

£4,187,000 Class E Commercial Mortgage-Backed Floating Rate Notes due 2028

(ISIN: XS1857322314, Common Code: 185732231)

 

(the "Noteholders" and the "Notes", respectively)

The Notes are admitted to trading on the regulated market of Euronext Dublin.

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (market abuse regulation) requires disclosure by or on behalf of the Issuer of any inside information concerning the Issuer.

Capitalised terms used in this notice but not defined herein shall have the meanings given to such terms in the Prospectus in respect of the Notes dated 17 August 2018.

The following notice has been prepared and issued at the request of CBRE Loan Services Limited, as Servicer. The Issuer has not independently verified the information contained in this notice. If you are in any doubt as to the action you should take, you are recommended to seek your own financial and legal advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom) or from another appropriately authorised independent financial or legal adviser.

 

LOAN EVENT OF DEFAULT

The Servicer has obtained an updated valuation in respect of the Maroon Properties. This valued the Maroon Properties at £86,000,000, a decrease of £18,700,000 when compared to the Maroon Initial Valuation in November 2017.

Based on the updated valuation, the Maroon Loan to Value is 77.7% whereas the Maroon Obligors are obliged to ensure that the Maroon Loan to Value does not, at any time, exceed 75%. The Maroon Obligors have not cured the default and, accordingly, a Loan Event of Default in relation to the Maroon Loan has now occurred and is continuing. Notice has been served to the Mezzanine Lender who may within 15 Business Days cure the Event of Default.

The Servicer will provide a further update in due course.

 

 

 

Contact name and e-mail address for queries:

Attention:  Moynul Islam/Livia Tverdun, CBRE Loan Services Limited

Email: [email protected]/[email protected]

 

This notice is given by

ELIZABETH FINANCE 2018 DAC
as Issuer

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 


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ISELLFFREAIILIA