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Titan Europe 2006-3 (IRSH)

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Friday 27 January, 2017

Titan Europe 2006-3

Monnet Portfolio Loan Update

RNS Number : 3761V
Titan Europe 2006-3 plc
27 January 2017
 

Company Name:                Titan Europe 2006-3 Plc

Headline:                          Monnet Portfolio Loan

                                                                                                                 

 

RNS Number:                   

Titan Europe 2006-3 plc

 

RIS Notification

 

                                        27 January 2017

 

Titan Europe 2006-3 Plc (the "Issuer")

 

€471,975,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257767631/XS0257772987)

€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257768100/XS0257773951)

€245,427,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257768522/XS0257775576)

€51,917,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257769090/XS0257776624)

€56,637,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257769769/XS0257777515)

€37,900,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770007/XS0257778836)

€30,043,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770775/XS0257779131)

€40,400,000 Class G Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770858/XS0257779727)

€9,351,559 Class H Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257771310/XS0257780816)

 

 issued by

 

Titan Europe 2006-3 plc (the "Issuer")

  

(together referred to as the "Notes")

 

The Notes are admitted to the official list of the Irish Stock Exchange and to trading on the regulated market.

 

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 have the meaning given to them in the Final Offering Circular dated 26 June 2006 in respect of the Issuer and the Master Definitions Schedule dated 27 June 2006 between, among others, the Issuer and the Note Trustee.

 

The following notice has been prepared by and issued at the request of the successor Special Servicer. The Issuer has not independently verified information contained in this notice.  Accordingly, the Issuer hereby gives notice of the following in relation to the Monnet Portfolio Loan.

 

 

Mount Street Mortgage Servicing Limited as Special Servicer in respect of the Monnet Portfolio Loan ("Mount Street") at the end of 2016, received a copy of a payment order dated 10 November 2016 (the "Registration Payment Order") from the Belgian tax authorities (the "Authorities") addressed to Jewel Properties Limited (an obligor pursuant to the Monnet Credit Agreement) ("Jewel") ordering payment of registration duties of EUR 2,885,711.46 (which may further increase with interest and costs). The Registration Payment Order relates to a historic order of the Court of First Instance of Brussels dated 12 November 2014 ordering Jewel to pay certain monies to Titan Series Luxembourg SARL (the "Historic Payment Order"). The Historic Payment Order was initiated prior to Mount Street being appointed as Special Servicer and its involvement in the Monnet Portfolio Loan. As Jewel did not pay the registration duties in relation to the Historic Payment Order within the requisite one month period, it has also incurred a fine of EUR 376,272.00, which has, in turn, resulted in the Registration Payment Order. The Monnet Portfolio Loan is in default but, technically, the issuance of the Registration Payment Order would constitute an additional Material Loan Event of Default.

 

Mount Street has been seeking advice as to the potential implications of the Registration Payment Order on recoveries as the outstanding registration duties and related fine set out in the Registration Payment Order are owed by Jewel itself as debtor to the Authorities. The position under Belgian law is as yet unclear as to whether such registration duties owed to the Authorities would rank ahead of the claims of all other creditors (including secured claims) and whether it could attach to the Belgian Monnet Portfolio. Statute is not entirely clear as to the scope and ranking of any such preference right. There is a risk however that the Authorities' claim could be first-ranking. It is likely that this will only become clear on a specific challenge by the Authorities.

 

Mount Street continue to work with Belgian counsel with a view to maximising recoveries in its capacity as Special Servicer and will report further when and if a challenge is made. 

For queries relating to the above, please contact: [email protected]

 

This notice is given by

 

TITAN EUROPE 2006-3 PLC

 

as Issuer

 

 

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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