Information  X 
Enter a valid email address

Alburn Real Estate (IRSH)

  Print      Mail a friend

Wednesday 16 May, 2012

Alburn Real Estate

Notice

RNS Number : 4789D
Alburn Real Estate Capital Limited
16 May 2012
 

ALBURN REAL ESTATE CAPITAL LIMITED
(a public limited company incorporated in Jersey
with a registered number of 94862)
(the "Issuer")

NOTE:  THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES.  IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS, AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER.

NOTICE

to the holders of

£224,800,000 CLASS A SECURED FLOATING RATE NOTES DUE 2016

(ISIN XS0285749833)

£35,950,000 CLASS B SECURED FLOATING RATE NOTES DUE 2016

(ISIN XS0285751904)

£33,700,000 CLASS C SECURED FLOATING RATE NOTES DUE 2016

(ISIN XS0285753272)

£33,700,000 CLASS D SECURED FLOATING RATE NOTES DUE 2016

(ISIN XS0285753942)

£9,900,000 CLASS E SECURED FLOATING RATE NOTES DUE 2016

(ISIN XS0285755053)

(together, the "Notes")

 

This Notice is issued by the Issuer, on behalf of the Loan Servicer, to the holders of the Notes (the "Noteholders").

Reference is made to the credit agreement dated 22 February 2007, as amended and restated on 15 September 2009 between, among others, Alburn Real Estate Limited as borrower and the Issuer as majority senior lender (the "Credit Agreement") and the servicing agreement dated 22 February 2007 between, amongst others, the Issuer, the Loan Servicer and the Junior Lender (the "Servicing Agreement").  Capitalised terms used but not otherwise defined in this Notice shall have the meanings ascribed to them in the Credit Agreement or the Incorporated Terms Memorandum dated 22 February 2007 as amended and restated on 15 September 2009.

Reference is made to the notice issued on 1 December 2011, in which the Loan Servicer confirmed that:

(i)     the Loan Servicer intended to follow the recommendations of its financial, legal and property advisers in respect of the Loans and that it would take appropriate enforcement steps and pursue a managed sell down of the assets, in order to comply with its requirements under the Servicing Standard;

(ii)     the Loan Servicer intended to temporarily suspend taking enforcement steps for a limited period pending the appointment of a nominated Special Loan Servicer by the Junior Lender; and

(iii)    the Loan Servicer reserved its rights to act on behalf of the Finance Parties to exercise its rights, remedies, powers and discretions under the Finance Documents.

Further to the notices issued on 22 December 2011 and 12 January 2012, the Junior Lender exercised its right to appoint Hatfield Philips International Limited ("HPI") as Special Loan Servicer to the Whole Loan, pursuant to the Servicing Agreement.

On 3 April 2012, HPI informed the Loan Servicer they were withdrawing from the appointment process. Following such notification the Loan Servicer re-commenced the steps necessary to accelerate the Loans and enforce the Borrower Security, in accordance with the advice of its financial, legal and property advisers and in order to discharge its obligations under the Servicing Standard.

The steps required to accelerate the Loan under the Finance Documents were completed on 11 May 2012 when the Agent, acting on the instruction of the Loan Servicer, by notice (an "Acceleration Notice") to the Borrower, declared that all of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents are immediately due and payable.  As of the date of this Notice, the Borrower has failed to pay the required amounts.

As a consequence of the Borrower's failure to pay on demand by the Agent the required amounts defined in the Acceleration Notice, on 14 May 2012 the Agent, acting on the instruction of the Loan Servicer, instructed the Borrower Security Trustee to take certain steps to enforce the Borrower Security.   The Borrower Security Trustee is now in the process of appointing two of either Julian Clarke, Kevin Mersh, Matthew Nagle and Neal Morrison of Savills Commercial Limited as joint fixed charge receivers in respect of 40 properties throughout the UK. The enforcement of the Borrower Security over properties located in Scotland will be conducted by administrators appointed over those subsidiaries of Alburn Real Estate Limited which hold such properties located in Scotland. The Borrower Security Trustee is in the process of appointing Simon Thomas and Shelley Bullman of Moorfields Corporate Recovery LLP as administrators over these subsidiaries.

The Borrower has indicated its willingness to work with the Loan Servicer, receivers and administrators in their efforts to maximise recoveries on behalf of the Finance Parties.

These actions have been taken by the Loan Servicer in accordance with its obligations under the Servicing Standard.

Noteholders are invited to contact the Loan Servicer with any questions.

- Dan Matthews ([email protected]; +44 (0) 207 280 5799)

Press enquiries should be directed to:

- Alex Simmons of Smithfield Group ([email protected]; +44 (0) 20 7903 0669)

16 May 2012

This Notice is given by:

ALBURN REAL ESTATE CAPITAL LIMITED as Issuer

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
 
 
ISELLFELERIRLIF

a d v e r t i s e m e n t