Clifden pushes up tender deadline for RMAC mortgage-backed notes

By Susanna Moon

Chicago, Feb. 20 – Clifden IOM No.1 Ltd. said it is pushing up the deadline in the tender for a number of mortgage-backed debt securities issued under RMAC securitizations in several batches.

The tender offer will now end at noon ET on Feb. 26.

The purchase price for the series of notes issued by RMAC 2003-NS1 plc, RMAC 2003-NS2 plc, RMAC 2004-NS1 plc and RMAC 2004-NSP2 plc was amended to 105 and the early tender premium changed to zero.

The company had previously said on Jan. 8 that it was tendering for the notes until noon ET on March 7 at a purchase price ranging from 92% to 103% per £1,000, €1,000 or $1,000 principal amount plus an early tender premium of 1% for notes tendered by the early deadline of noon ET on Jan. 26.

No accrued interest since the last interest payment date will be paid; holders on the record date will receive accrued interest payable on March 12.

Settlement was previously scheduled for March 12.

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