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EMF, Eurosail issuers lack funds for mortgage-backed notes put option
By Sarah Lizee
Olympia, Wash., Sept. 3 EMF-NL Prime 2008-A BV, Eurosail-NL 2007-1 BV and Eurosail-NL 2007-2 BV said they will not redeem any of the mortgage-backed floating-rate notes that were subject to a put option on Oct. 17, according to filings with the London Stock Exchange.
The put option was for EMF-NL Primes 110 million class A2 notes due 2041, 10 million class A3 notes due 2041, 12 million class B notes due 2041, 9 million class C notes due 2041and 9 million class D notes due 2041; Eurosail-NL 2001-1s 306.25 million class A notes due 2040, 14,525,000 class B notes due 2040, 14 million class C notes due 2040 and 12,775,000 class D notes due 2040; Eurosail-NL 2007-2s 280 million class A notes due 2040, 22.05 million class M notes due 2040, 25.2 million class B notes due 2040, 11,375,000 class C notes due 2040 and 11,375,000 class D1 notes due 2040.
In each notice, the issuers said the seller decided not to repurchase any mortgage receivables from the issuer.
Furthermore, the issuers have not identified any third parties interested in purchasing the mortgage receivables outstanding on or before the put option date against the redemption repurchase price.
In the light of this expectation and in order to avoid that notes would unnecessarily be blocked for trading from the moment of exercise of the put option up to the put date, notes for which put options are exercised will not be subject to blocking up to the put date.
Put option noteholders were informed that the blocking of the notes will be released.
The issuers are based in Amsterdam. The director is Intertrust Management BV.
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