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Clifden extends tender for Thrones mortgage-backed notes; call issued
By Susanna Moon
Chicago, July 20 – Clifden IOM No.1 Ltd. is extending its offer to purchase the £117.74 million class A mortgage-backed floating-rate notes due July 2044 issued by Thrones 2013-1 plc.
The purchase price will be 125% of par until noon ET on July 20, pushed out from noon ET on July 17.
Otherwise, the notes will be redeemed on July 20 at par plus accrued interest.
The issuer said it issued the call on July 16, according to a company notice.
Settlement is expected to occur on July 27.
Clifden began the tender offer on June 4 with an early deadline of noon ET on June 22.
The company then said on July 9 that it was extending the early tender payment amount of 125% of par until noon ET on July 16.
Originally, the company said the purchase price would be 95% per £1,000 principal amount plus an additional early tender premium of 30% per £1,000 principal amount of notes tendered by the early deadline of noon ET on June 22.
The outstanding amortized amount is £38,682,928.34 with a pool factor of 32.854534%, according to a previous company notice.
No accrued interest was to be paid in the offer.
Settlement is expected to occur on July 20.
Morrow Sodali Ltd. (+44 20 3879 5462 or thrones@morrowsodali.com) is the tender agent.
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