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Titan Europe 2006-1 (IRSH)

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Friday 20 January, 2017

Titan Europe 2006-1

Notice to Noteholders

RNS Number : 7655U
Titan Europe 2006-1 PLC
20 January 2017
 

THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE THE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE SECURITIES IN A TIMELY MANNER.  IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, IF ANY, THEY SHOULD CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (IF THEY ARE IN THE UNITED KINGDOM) OR ANOTHER APPROPRIATELY AUTHORISED INDEPENDENT FINANCIAL ADVISER AND TAKE SUCH OTHER ADVICE FROM THEIR OWN PROFESSIONAL, TAX AND LEGAL ADVISERS AS THEY DEEM NECESSARY, IMMEDIATELY.

 

 

Notice to Noteholders

 

TITAN EUROPE 2006-1 PLC

(the Issuer)

 

€433,760,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247398562/ XS0247401028)

€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247477606/ XS0247478679)

€112,050,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247402422/ XS0247405011)

€39,760,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247409948/ XS0247411688)

€46,990,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247412652/ XS0247413387)

€50,610,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247415168/ XS0247417024)

€12,260,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247462244/ XS0247463135)

€22,360,000 Class G Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247465346/ XS0247473878)

€5,413,029 Class H Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247475816/ XS0247476541)

€50,000 Class V Commercial Mortgage Backed Floating Rate Notes due 2016

(ISIN XS0247479305/ XS0247480147)

(the Notes)

 

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (market abuse regulation) requires disclosure by or on behalf of the Issuer of any inside information concerning the Issuer.

 

Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Master Definitions Schedule appended to the primary servicing agreement dated 21 March 2006 between, amongst others, the Issuer and U.S. Bank Trustees Limited (formerly ABN AMRO Trustees Limited) as the Note Trustee (the "Master Definitions Schedule").

 

Proceedings in respect of the Class X Notes

 

We refer to the notices issued by the Issuer dated 9 October 2015, 1 December 2015, 3 February 2016,12 February 2016, 5 May 2016, 25 May 2016, 30 June 2016 and 20 July 2016 in which it, respectively notified the Noteholders of, amongst other things, that (i) a holder of the Class X Notes issued proceedings under Part 8 of the of the Civil Procedure Rules seeking a number of declarations in relation to the alleged miscalculation of the Class X Interest Rate (the Proceedings), (ii) that the Issuer was notified by the Cash Manager that there was ambiguity in the Transaction Documents regarding the redemption of the Class X Note principal following the occurrence of the Maturity Date (the "Class X Redemption Uncertainty") and the Class X Noteholder had amended its claim in the existing proceedings in respect of the Class X Notes to raise the Class X Redemption Uncertainty, (iii) that the judgment was handed down on 28 April 2016 by The Chancellor of the High Court, sitting in the High Court of Justice - Chancery Division, (iv) that the Class X Noteholder has received permission to appeal, and (v) that the appeal by the Class X Noteholder was dismissed in a judgment by the Court of Appeal dated 20 December 2016 (the "Judgment").

 

Appeal to the Supreme Court

 

As a matter of procedure, it was open to the Class X Noteholder to make an application for permission to appeal to the Supreme Court within 28 days of the Judgment.

 

To the Issuer's knowledge, no such application has been made. 

Queries may be addressed to the Issuer as follows:

 

Queries may be addressed to the Issuer as follows:

Titan Europe 2006-1 plc

Fourth Floor

3 George's Dock

IFSC

Dublin 1

Ireland

 

Attention:         The Directors

Telephone:       +353 1 6125555

Fax:                  +353 1 6125550

Email:               [email protected]

Ref:                  Titan Europe 2006-1 plc

 

This notice is given by the Issuer on 20 January 2017.

TITAN EUROPE 2006-1 PLC

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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