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Mainsail II Ltd (73WC)

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Monday 29 September, 2008

Mainsail II Ltd

Sale of Portfolio and Cash Di

RNS Number : 5407E
Mainsail II Ltd
29 September 2008
 



Company Announcement – Sale of Portfolio and Cash Distribution
Mainsail II Ltd. (in Receivership) (the 'Company')
US$ 4,000,000,000 Euro/US Commercial Paper Programme
US$ 407,000,000 Mezzanine Note Programme
US$ 112,000,000 Capital Note Programme

26 September 2008

 

The joint receivers of the Company, being Kris Beighton of KPMG in the Cayman Islands, and Richard Heis and Mick McLoughlin, of KPMG LLP in the UK (the 'Receivers') hereby provide an update of the auction process involving certain market participants (the 'Cash Bidders') who were invited to submit bids for the purchase of a proportion of the portfolio of debt securities held by the Company (the 'Investment Portfolio').
The Company received bids on the Investment Portfolio from twelve Cash Bidders. The Highest Bid Price for the Investment Portfolio was 16.35% (including interest). The Highest Bid Price is the highest bid price (expressed as a percentage) received from Cash Bidders in respect of Investment Portfolio (the proportion of this portfolio compared to the whole of the portfolio of debt securities held by the Company was determined by final elections by Senior Creditors and Senior Creditors’ reserve prices).
The Senior Creditor Distribution will be 17.01%. The Senior Creditor Distribution is the distribution to Senior Creditors (expressed as a percentage) based on the Highest Bid Price.
In addition to the Senior Creditor Distribution described above, the Receivers intend to make a distribution of approximately $86 million from the Company bank account to all Senior Creditors on or about 30 September 2008.
Capitalised terms not otherwise defined in this notice shall have the meanings given to them in the Master Definitions Agreement dated 6 July 2006 (as amended and restated on 13 July 2007) between, amongst others, the Company and The Bank of New York Mellon (as Security Trustee).
Please email [email protected] if you have any queries regarding this announcement.
Important information
Please note that nothing in this notice is intended to amount to an invitation or inducement to engage in investment activity. Nothing in this notice amounts to the giving of advice. If you are in any doubt as to the action you should take, you should consult a professional adviser.
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