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RAIT CRE CDO I (IRSH)

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Tuesday 08 May, 2018

RAIT CRE CDO I

Notice of Auction Results

RNS Number : 3400N
RAIT CRE CDO I LTD & CRE CDO I LLC
08 May 2018
 

 

Corporate Trust Services

9062 Old Annapolis Road

Columbia, MD 21045-1951

MAC: R1204-010


NOTICE OF RESULTS OF AUCTION CONDUCTED
PURSUANT TO SECTION 9.7 OF THE INDENTURE AND
WITHDRAWAL OF NOTICE OF AUCTION CALL REDEMPTION

 

RAIT CRE CDO I, LTD.

RAIT CRE CDO I, LLC

 

To:       The Parties listed on Schedule A hereto.

Reference is made to that certain Indenture dated as of November 7, 2006 (as amended, modified or supplemented, the "Indenture") among RAIT CRE CDO I, LTD., as Issuer (the "Issuer"), RAIT CRE CDO I, LLC, as Co-Issuer (the "Co Issuer," and together with the Issuer, the "Co-Issuers"), WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee (the "Trustee"), Paying Agent, Calculation Agent, Transfer Agent, Custodian, Backup Advancing Agent and Note Registrar and RAIT PARTNERSHIP, L.P., as advancing agent (the "Advancing Agent").  Capitalized terms used herein without definition shall have the meanings given to such terms in the Indenture.

            I.          Notice to Nominees and Custodians.

 

            If you act as or hold Notes or Preference Shares as a nominee or custodian for or on behalf of other persons, please transmit this notice immediately to the beneficial owner of such Notes or Preference Shares or such other representative who is authorized to take actions.  Your failure to act promptly in compliance with this paragraph may impair the chance of the beneficial owners on whose behalf you act to take any appropriate actions concerning the matters described in this notice.

 

            II.        Notice of Results of Auction Conducted Pursuant to Section 9.7 of the Indenture and Withdrawal of Notice of Auction Call Redemption.

 

            Reference is further made to that certain Notice of Auction to be Conducted Pursuant to Section 9.7 of the Indenture and Notice of Potential Auction Call Redemption (the "Notice of Auction Call Redemption") dated as of April 9, 2018.

 

            Notice is hereby given that an Auction was conducted in accordance with Sections 9.7 and Schedule D of the Indenture (the "May 2018 Auction Date").  The Trustee was unable to sell the Collateral Assets on the May 2018 Auction Date because it did not receive bids that would result in a cash purchase price for the Collateral Assets which, together with the balance of all Eligible Investments and Cash in the Accounts (other than the Hedge Counterparty Collateral Account), would at least equal to the Total Senior Redemption Amount. Consequently, the Notice of Auction Call Redemption is rescinded and an Auction Call Redemption will NOT occur on the May 21, 2018 Distribution Date.

 

            You are further notified that pursuant to Section 9.7 of the Indenture, the Trustee shall conduct an Auction prior to each third Distribution Date unless the Notes are redeemed in full prior to the next succeeding Auction Date.

 

            You may direct questions to the attention of Bill Wood by telephone at (410) 884-2042, by e-mail at [email protected], or by mail addressed to Wells Fargo Bank, N.A., Corporate Trust Services, Attn: Bill Wood, MAC: R1204-010, 9062 Old Annapolis Road, Columbia, MD 21045.  The Trustee may conclude that a specific response to particular inquiries from individual Holders is not consistent with equal and full dissemination of material information to all Holders.  Holders of Notes or Preference Shares should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations and gives no investment advice herein or as to the Notes or Preference Shares generally.

 

Dated: May 7, 2018                            

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee and Preference Share Paying Agent


Schedule A

Holders of Notes and Preference Shares:*

751020AA6

751020AK4

G73600AK7

751020AB4

751020AC2

751020AD0

751020AE8

751020AF5

751020AG3

751020AH1

751020AJ7

751020AL2

751020APS



 

 

Issuer:

RAIT CRE CDO I, Ltd.

c/o Intertrust SPV (Cayman) Limited

190 Elgin Avenue

George Town

Grand Cayman KY1-9005

Cayman Islands

Attention: The Directors

 

Co-Issuer:

RAIT CRE CDO I, LLC

c/o Puglisi & Associates

850 Library Avenue, Suite 204

Newark, Delaware 19711

 

Collateral Manager:

RAIT Partnership, L.P.

Two Logan Square

100 N. 18th Street, 23rd Floor

Philadelphia, Pennsylvania 19103

Irish Stock Exchange:

Irish Stock Exchange Limited

Company Announcements Office

28 Anglesea Street

Dublin 2, Ireland

 

Irish Paying Agent:

Custom House Administration and Corporate Services Limited

25 Eden Quay

Dublin 1 Ireland

 

Rating Agencies:

Standard & Poor's Ratings Services

55 Water Street, 41st Floor

New York, New York 10041-0003

Attn:  Structured Finance Ratings, Asset-Backed Securities CBO/CLO Surveillance

E-mail: [email protected]

 

Moody's Investors Service

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attn: CBO/CLO Monitoring

E-mail: [email protected]

 

 

 



*  The Trustee shall not be responsible for the use of the CUSIP, CINS, ISIN or Common Code numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Note. The numbers are included solely for the convenience of the Holders. 

 

 

 

 

 

 

 

 

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

 

 


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