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Titan Europe 2006-3 (IRSH)

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Friday 12 January, 2018

Titan Europe 2006-3

Notice to Noteholders

RNS Number : 7871B
Titan Europe 2006-3 plc
12 January 2018
 

Company Name:                Titan Europe 2006-3 Plc

Headline:                          Notice to Noteholders

                                                                                                                 

 

RNS Number:                   

Titan Europe 2006-3 plc

 

RIS Notification

 

                                        12 January 2018

 

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 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 French debt instruments.

 

 

On 27 June 2006, a compartment regulation was entered into between the French Issuer Manager and the French Issuer Custodian, as amended on 28 May 2009 (the Compartment Regulations), in relation to the French Issuer established by the French Issuer Manager and French Issuer Custodian for the purpose of purchasing, amongst others, the Target Portfolio Loan and any security related thereto from Credit Suisse International and issuing debt instruments (the FCT Notes) and subordinated residual units (the FCT Units), both of which  matured on 22 July 2016 (the FCT Notes and FCT Units Maturity Date).

On 19 July 2016, an amendment agreement to the Compartment Regulations was entered into between the French Issuer Manager and the French Issuer Custodian for the purpose of extending the FCT Notes and FCT Units Maturity Date to the FCT Note Payment Date falling in January 2018 (the FCT Extension). The French Issuer Master Definitions Agreement was therefore amended in order to reflect the FCT Extension.

On 11 January 2018, an amendment agreement to the Compartment Regulations was entered into between the French Issuer Manager and the French Issuer Custodian for the purpose of extending the FCT Extension to the FCT Note Payment Date falling in October 2019 (Second FCT Extension). The French Issuer Master Definitions Agreement has therefore been amended in order to reflect the Second FCT Extension.

The Note Trustee has confirmed that the Issuer consenting to the Second FCT Extension is not considered to be materially prejudicial to the interests of the Noteholders. The holders of the FCT Notes and FCT Units have therefore consented to the Second FCT Extension.

The Second FCT Extension was essential as it would have resulted in the outstanding FCT Notes and FCT Units being extinguished on 22 January 2018 if the Second FCT Extension had not been granted. Furthermore it allows sufficient time to continue the advanced negotiations with regards to the Target portfolio sale.

In parallel to the FCT Extension, the successor Special Servicer has agreed to further extend the Target Portfolio Loan standstill period to (and including) the date specified in any notice of termination of the standstill period issued by the Special Servicer but not later than 18 January 2019 on a 3 month rolling basis (the Second Standstill Extension). The Standstill Extension will automatically terminate upon the occurrence of a further event of default under the loan.

 

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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