Preferred Term Securities II non-payment triggers event of default

By Caroline Salls

Pittsburgh, April 13 – Preferred Term Securities II, Ltd. and Preferred Term Securities II, Inc. mezzanine notes and subordinated income notes trustee the Bank of New York Mellon Trust Co., NA said an event of default has occurred in connection with Preferred Term’s failure to make a payment due on the mezzanine notes.

According to a notice from the trustee, Preferred Term failed to cure the payment default within five days, triggering the event of default.

Preferred Term is a collateralized debt obligation backed by a portfolio of bank trust preferred securities.

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