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E-MAC NL 2006 lacks funding for put option under class A, B notes
By Susanna Moon
Chicago, Jan. 18 – E-MAC NL 2006-NHG I BV notified holders that no notes will be redeemed under the put option exercisable for its €600 million senior class A notes 2006 due 2039 and its €5.4 million subordinated class B notes 2006 due 2039.
As a result, the extension margins will apply from the first put date as published on May 25, 2018, according to a notice.
“The issuer does not have funds available to redeem the notes, which are subject to redemption on the upcoming put date [of Jan. 25],” the release noted.
As reported Nov. 26, the issuer was informed by the MPT Provider that it would not have the financial means to grant the servicing advance loan by the put date and nor was it likely that a third party would be willing to purchase mortgage receivables or to provide the servicing advance loan by the put date.
“Consequently, the issuer expects not to have sufficient funds available” to redeem the notes on the put date, the previous notice said.
“In the light of the issuer's expectation that it will not have sufficient funds available to redeem the notes which are subject to redemption on the put date and as to avoid that notes would unnecessarily be blocked for trading from the moment of exercise of the put option by a put option noteholder up to the put date, put option noteholders are hereby informed that the notes in relation to which a notice of exercise of the put option is delivered will not be subject to blocking up to the put date. Noteholders that had intended to exercise the put option would the issuer have been in a position to honor such exercise or who regardless thereof wish to exercise the put option, should deliver a notice of exercise,” the previous release said.
ABN Amro Bank NV (+31 20 344 2000, fax:+31 20 628 8481 or corporate.broking@nl.abnamro.com) is the principal paying agent.
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