CLO Test Results

RNS Number : 9146L

Greenwich Loan Income Fund Ltd

14 May 2010

 



Greenwich Loan Income Fund Limited ("GLIF" or the "Company")

CLO Test Results

 14 May 2010

The Company announces the test results as of 2 May 2010 pursuant to the indenture of T2 Income Fund CLO I Ltd (the "CLO"), of which the Company owns all of the residual economic interest. The report summarising the results of those tests can be found at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/9146L_-2010-5-13.pdf

With respect to the various tests required under the CLO indenture, the CLO passed all of the covenant and percentage limitation tests.  While the current month's results are not controlling as to the July 2010 payment test, it may be worth noting that had this been a payment period, a full payment would have been paid to the Company.

As described in previous press releases, the CLO indenture contains a variety of covenants, compliance with which, as well as curing existing defaults, could be made more difficult or impossible should credit markets deteriorate or the loans held by the CLO fail to make expected payments or otherwise not perform, or for a variety of other reasons, and which if violated could result in additional principal paydowns of the CLO's notes and/or interest diversion.  

Contacts:

Geoffrey Miller

Greenwich Loan Income Fund Limited

[phone]

Patrick Conroy
Greenwich Loan Income Fund Limited
[phone]

Philip Secrett

Nominated Adviser

Grant Thornton Corporate Finance

[phone]

Jos Trusted

Singer Capital Markets Limited

[phone]

Ed Gascoigne Pees

Financial Dynamics

[phone]

 

END

 

 

MSCDGGDUSBBBGGX