Rivoli to hold April meeting for class A, B, C mortgage-backed floaters

By Jennifer Chiou

New York, March 13 - Rivoli Pan Europe I plc announced that it will convene holders of its €413 million of class A commercial mortgage-backed floating-rate notes due 2018, €43 million of class B commercial mortgage-backed floating-rate notes due 2018 and €23.75 million of class C commercial mortgage-backed floating-rate notes due 2018 at meetings in London on April 4 to pass an extraordinary resolution.

The company is soliciting consents to propose a further extension to the senior facilities agreement for the MS Edificio Santa Hortensia, SL loan.

The Santa Hortensia loan was to be due on Jan. 10, 2013, and Rivoli said previously that it had explored various options to repay the loan but believed it would be unable to do so. The standstill termination date is to be no later than April 10 as lease renewal discussions are ongoing.

In order to form a quorum, holders of at least 50.1% of the outstanding notes have to be represented at the meeting, and at least 75% of votes have to be cast for the measure in order for it to pass.

The Dublin-based company said it will enter into standstill documents upon receipt of holder consent for the resolution.

Background information

On Dec. 21, 2006, Rivoli issued €479 million of the commercial mortgage-backed floaters with proceeds used to acquire a Spanish note issued by the Spanish issuer.

The Spanish issuer used the proceeds of the note to fund the acquisition of mortgage instruments issued by CA-CIB Sucursal en Espana representing the Santa Hortensia loan and related security.

The loan was then applied to help finance the acquisition of an office building located in Madrid, let to IBM under a lease expiring on Sept. 30, 2015. The outstanding loan balance under the Santa Hortensia agreement is currently €105.1 million.

In order to repay the loan, the company proposed a standstill period, waiving default, from Jan. 10 through April 10 to give it more time to restructure the loan.

The principal payment agent is Citibank, NA, London Branch. The note trustee is Law Debenture Trustees Ltd., and the Irish paying agent is Citibank International plc.

The issuer and noteholders' financial adviser is Brookland Partners LLP. Questions may be directed to Gareck Wilson at gareck.wilson@brookland.com or 44 20 7645 5191.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.