EEW Capital says event of default has occurred under loan, notes

By Sarah Lizee

Olympia, Wash., July 30 – EEW Capital Finance plc informed holders of its €25 million series 2019-EEW1 8% fixed-rate notes due 2024 (ISIN: GB00BK5S2353) that an event of default has occurred and is continuing under the €25 million loan agreement with EEW Eco Energy World Development Holdings One BV as borrower.

The borrower is in breach of an obligation the agreement, as it has failed to take the “actions required by the lender for the lender to be able to maintain the coupon reserve ...by making a payment to the issuer of the specified amount (the coupon reserve amount), payable as soon as possible.”

Failure to pay the coupon reserve amount constitutes an event of default under two clauses of the loan agreement.

In light of the borrower's failure to pay, a note event of default has occurred and is continuing.

The issuer confirmed that it has not and will not take any steps to accelerate the loans and/or enforce the security or take any other action against the borrower with regards to the event of default under the loan agreement, until it is instructed or directed to do so by the security trustee.

The notes were issued under EEW’s €200 million secured medium-term note program.

Woodside Corporate Services Ltd. is the note trustee.

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