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Hercules Eclipse06-4 (IRSH)

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Friday 09 November, 2018

Hercules Eclipse06-4

Notice to Noteholders re Notice of Default

RNS Number : 9581G
Hercules(Eclipse 2006-4)plc
09 November 2018
 

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE BENEFICIAL OWNERS OF THE NOTES.  IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.

If you are in any doubt as to the action you should take, you are recommended to seek your own financial, legal or other advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriately authorised independent financial adviser.

If you have recently sold or otherwise transferred your entire holding(s) of the Notes referred to below, you should immediately forward this document to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

 

HERCULES (ECLIPSE 2006-4) PLC

a public limited company incorporated in England and Wales with company registration number 5895593

(the Issuer)

NOTICE TO THE HOLDERS OF

£666,000,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2018
ISIN (Reg S Notes) XS0276410080

£43,950,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2018
ISIN (Reg S Notes) XS0276410833

£25,000,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2018
ISIN (Reg S Notes) XS0276412375

£51,000,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2018
ISIN (Reg S Notes) XS0276413183

£29,000,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2018
ISIN (Reg S Notes) XS0276413340

(together, the Notes)

9 November 2018

Capitalised terms used in this Notice but not defined herein have the meanings given to them in the Prospectus in relation to the Notes dated 5 December 2006.

In reference to the conference call with Noteholders held on 7 November 2018 (as referred to in the Issuer's notice dated 31 October 2018):

·      A question and answer document providing responses to questions raised during the conference call is set out in the annex to this notice.

 

·      A full recording of the conference call is available upon request by e-mail to: [email protected]

 

·      The Issuer intends to provide further updates to Noteholders in the event of any material change or developments its financial position.

This Notice is given by

HERCULES (ECLIPSE 2006-4) PLC

ANNEX

HERCULES (ECLIPSE 2006-4) PLC

Q&A from Call with Noteholders on 7 November 2018

Where is the provision for amounts to third party creditors (such as listing fees) in the payment waterfalls?

Amounts due to third party creditors are paid as "Revenue Priority Amounts" under item (d)(ii) of the Pre-Acceleration Revenue Priority of Payments. There is no equivalent provision for "Revenue Priority Amounts" in the Post-Acceleration Priority of Payments.

Why would the Noteholders agree to pay amounts incurred to third party creditors?

The specific additional concerns that arise in respect of third party creditors (as opposed to secured creditors who are party to the Transaction Documents) from an insolvency/winding-up perspective are:

·      any third party creditor is not bound by the Transaction Documents and would be entitled to present a petition to wind-up the Issuer in respect of any unpaid amounts; and

 

·      as noted above, there is no provision for payment to third party creditors under the Post-Acceleration Priority of Payments.

Why would the Noteholders favour restructuring over liquidation?

The purpose of the memorandum attached to the Issuer's notice dated 7 November 2018 and the conference call was to provide the Noteholders with an update on the financial position of the Issuer and an overview of what the directors consider to be possible outcomes for the transaction.  Noteholders must ultimately form their own opinion as to what course of action is in their best interests.

 

 

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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