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Dryden XV - Euro CLO 2006 meets conditions to redeem note series
By Jennifer Chiou
New York, March 26 – Dryden XV - Euro CLO 2006 plc gave notice that it has met certain conditions for the optional redemption of several series of its notes due 2023, according to a filing with the London Stock Exchange.
As reported, holders of at least 66 2/3% of its outstanding subordinated notes have exercised their right to require the company to redeem all of the following notes:
• €198 million of class A1 senior floating-rate notes;
• £20 million of class A2 senior floating-rate notes;
• €80 million of class A3 senior revolving floating-rate notes;
• €34 million of class B senior floating-rate notes;
• €29 million of class C mezzanine deferrable interest floating-rate notes;
• €23 million of class D mezzanine deferrable interest floating-rate notes;
• €16.2 million of class E mezzanine deferrable interest floating-rate notes;
• €42.1 million of subordinated notes; and
• €7 million of class V combination notes.
The issuer said that the collateral administrator calculated the redemption threshold amount at €234,059,152.08 and the weighted average market value at €99.40.
The redemption threshold amount is at least the required amount to settle amounts payable under the notes of each class other than the subordinated notes and to redeem the notes on the redemption date.
Accordingly, the conditions to the redemption of the notes have been satisfied and all of the notes will be redeemed in whole at their applicable redemption prices in April:
The issuer first gave notice of the optional redemption on March 18.
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