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Cartesian Res Mort 1 (IRSH)

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Monday 18 March, 2019

Cartesian Res Mort 1

First Optional Redemption Date

RNS Number : 1797T
Cartesian Residential Mortg 1 S.A.
18 March 2019
 

 

 

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

 

 

This notice is addressed to the holders of the Notes (as defined below).

 

Capitalised terms used in this notice have the meaning ascribed thereto in paragraph 1 (Definitions) of the Glossary of Defined Terms set out in the Prospectus dated 19 March 2014 relating to the issue of Notes by Cartesian Residential Mortgages 1 S.A.

 

            CARTESIAN RESIDENTIAL MORTGAGES 1 S.A.

(the "Issuer")

 

Notice is hereby given with respect to the notes of each of the following class(es):

 

EUR 412,659,000 Class A Mortgage-Backed Notes 2014 due 2044 ISIN CODE: XS1024418185

EUR 11,790,000 Class B Mortgage-Backed Notes 2014 due 2044 ISIN CODE: XS1024423425

EUR 11,790,000 Class C Mortgage-Backed Notes 2014 due 2044 ISIN CODE: XS1024434620

EUR 11,790,000 Class D Mortgage-Backed Notes 2014 due 2044 ISIN CODE: XS1024438456

EUR 23,581,000 Class E Mortgage-Backed Notes 2014 due 2044 ISIN CODE: XS1033037539

EUR 10,848,000 Class S Notes 2014 due 2044 ISIN CODE: XS1024442565

(together the "Notes")

 

Luxembourg, 18 March 2019

 

In accordance with Clause 20.2 of the Trust Deed, the Issuer wishes to notify the Noteholders of the fact that it has been notified by the Seller that the Seller intends to either (i) exercise the Seller Call Option pursuant to and in accordance with Clause 13 of the Mortgage Receivables Purchase Agreement on the First Optional Redemption Date, being 18 April 2019, in which case the Seller intends to repurchase and accept the re-assignment of all Mortgage Receivables (but not some only) and, to the extent legally possible, accept the re-assignment of the Beneficiary Rights relating thereto on such date or, alternatively, (ii) on the First Optional Redemption Date, enable the Issuer to borrow funds pursuant to and in accordance with Clause 17.7 of the Trust Deed, after which the Issuer shall apply the proceeds of such funds to redeem the Notes, other than the Class S Notes, in accordance with Condition 6(b) (Mandatory Redemption of the Notes).

 

In case of the exercise of the Seller Call Option, the Issuer shall (i) sell and assign the Mortgage Receivables on the First Optional Redemption Date to the Seller, or any third party appointed by the Seller at its sole discretion, for a purchase price equal to an amount that is sufficient for the Issuer to redeem the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes at their Principal Amount Outstanding and to pay all accrued (but unpaid) interest on the Notes (other than the Class E Notes) and other amounts due ranking higher or equal to the Notes (other than the Class E Notes and the Class S Notes) in the relevant Priority of Payments and (ii) apply the proceeds of such sale to redeem the Notes, other than the Class S Notes, in accordance with Condition 6(b) (Mandatory Redemption of the Notes).

 

The Issuer has requested the Irish Stock Exchange to remove the Notes from its Official List upon its redemption in full.

 

For further information please contact:

 

Cartesian Residential Mortgages 1 S.A.

6, rue Eugène Ruppert

L-2453 Luxembourg

Grand Duchy of Luxembourg

 

Venn Partners LLP

13 George Street

London, W1U 3QJ

United Kingdom

 

 

 

 

 

 

 

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

 

 


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