Vega ContainerVessel seeks consents to amend 5.562% class A notes

By Susanna Moon

Chicago, June 24 – Vega ContainerVessel 2006-1 plc said it began a consent solicitation for its $95,438,411.29 of outstanding $253.75 million 5.562% class A corporate asset-backed secured notes due 2021 at the request of CMA CGM SA.

The company will hold a meeting on July 16 in London to ask noteholders to approve the proposals, according to a press release.

The company is seeking to approve the termination of the financial guarantee and the release and discharge of Syncora Guarantee (U.K.) Ltd. (formerly XL Capital Assurance (U.K.) Ltd.) as financial guarantor.

The company also is seeking to remove the €600 million cap on the value of securitization programs.

The consent fee will be 0.4%.

The principal amount outstanding of the class A notes has amortized, and accordingly the notes are subject to a pool factor of 0.376111965. The payment of the consent fee will be adjusted to take into account the pool factor.

The consent solicitation will end at noon ET on July 11. Holders must be of record as of June 24.

The solicitation agent is BNP Paribas, London Branch (+44 207 595-8668, 888 210-4358, call collect 212 841-3059 or email liability.management@bnpparibas.com). The tabulation agent is Global Bondholder Services Corp. (email contact@gbsc-usa.com, 212 430-3774, 866 470-4300 or 212 430-3775/3779, corporate actions).

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