Clifden extends tender offer for some RMAC securities until Aug. 10

By Susanna Moon

Chicago, July 10 – Clifden IOM No.1 Ltd. is now continuing to tender for some mortgage-backed debt securities issued under RMAC securitizations until noon ET on Aug. 10.

The notes covered by the tender are RMAC Securities No. 1 plc’s series 2006-NS1, series 2006-NS2, series 2006-NS3, series 2006-NS4 and series 2007-NS1.

Settlement has been set for Aug. 15.

Holders who had previously tendered notes in these offers may revoke them at any time from July 10 until noon ET on the second business day after that, according to the notice.

The company had originally 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% of par of £1,000, €1,000 or $1,000 plus an early tender premium of 1% for notes tendered by the early deadline of noon ET on Jan. 26.

The company then extended the offers on March 8 until noon ET on June 5.

For notes tendered by the early deadline of noon ET on March 23, the purchase price would have been par, the company previously said.

Clifden again extended the early deadline on March 26 until 11 a.m. ET on April 6 and amended the purchases prices so that securities tendered before the previous early deadline were to be purchased at 102% of par instead of par.

Securities tendered after the former early deadline but before the new early deadline were to be purchased at 101.5% of par.

The company then said on April 16 that it did not receive enough tender instructions from noteholders of mortgage-backed debt securities issued under RMAC securitizations as of noon ET on April 12 to establish its target holding of notes.

For each series considered on a separate and individual basis, Clifden planned to reject any tenders of the series and withdraw or terminate the offers if it fails to receive the needed tender instructions for that series.

Clifden then extended the early deadline to 11 a.m. ET on May 4 from 11 a.m. ET on April 6.

It also said that the purchase price for notes tendered after the early deadline is 100.5% of par.

Lazard & Co., Ltd. is the financial adviser. Lucid Issuer Services Ltd. (+44 20 7704 0880 or rmac@lucid-is.com) is the tender agent.

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