Clifden aims to add option to call five series of RMAC securities

By Susanna Moon

Chicago, Sept. 11 – Clifden IOM No.1 Ltd. said it has asked the trustee to add an additional right of optional redemption into the terms of six mortgage-backed debt securities issued under RMAC securitizations.

The call option would be “exercisable by the offeror or the series servicer on a specified number of days’ notice to the issuer,” according to the notice.

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

Clifden said it has requested that the trustee “exercise its discretion” to amend the securities or otherwise, “it intends to seek a consensual solution through the application to court under part 8 of the Civil Procedure Rules and determination of the issue by the court.”

Clifden said it plans to give a status of the offers by Sept. 28.

For questions, email rmac@clifden-iom1.com.

The company had said on Jan. 8, 2018 that it was tendering for the five series of notes until noon ET on March 7, 2018 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, 2018.

The company then extended the offers until noon ET on June 5 and then after that to noon ET on Aug. 10.

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 would 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 said on April 16 that it not received 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 failed 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 would be 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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