Information  X 
Enter a valid email address

Titan Europe 2006-3 (IRSH)

  Print   

Wednesday 19 April, 2017

Titan Europe 2006-3

Target Update

RNS Number : 7589C
Titan Europe 2006-3 plc
19 April 2017
 

Company Name:                Titan Europe 2006-3 Plc

Headline:                          Target Loan Update

                                                                                                                 

 

RNS Number:                   

Titan Europe 2006-3 plc

 

RIS Notification

 

                                        19 April 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 Target Portfolio Loan.

 

 

Notice:

The Successor Special Servicer has duly informed the French Master Servicer of the debt service amounts to be distributed to the Issuer on the April Payment Date. However, the French Master Servicer has in turn informed the Successor Special Servicer of an issue regarding the bank accounts of the Target Portfolio Borrower (the Borrower), whereby the current account bank, Credit du Nord, has closed all existing accounts of the Borrower due to them failing to satisfy the account banks KYC compliance checks. Subsequently, the French Master Servicer is currently unable to access funds held in the Borrower's accounts and doesn't anticipate the issue being resolved prior to the upcoming Payment Date in April. Consequently the French Master Servicer anticipates that they will be unable to transfer the monies due, in time to be distributed on the April Payment Date.

The issue has been reviewed by the Bank of France and a replacement account bank has been nominated. The replacement account bank is currently in the process of opening new accounts for the Borrower.

The Successor Special Servicer is working closely with the Borrower, the French Master Servicer and the asset manager to ensure the existing account pledges are mirrored for the new accounts and all funds are transferred directly to the new accounts as soon as possible. The Successor Special Servicer is also keen to inform Noteholders that 100% of the rental income will continue to be trapped and held on account for the benefit of the Issuer under the control of the French Master Servicer and that there is no risk of any cash leakage back to the Borrower.

 

Further updates regarding the ongoing asset management initiatives and exit strategy will be provided in due course. 

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
 
END
 
 
ISEOKCDNNBKDBQD

a d v e r t i s e m e n t