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Titan Europe 2006-5 (IRSH)

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Monday 06 February, 2017

Titan Europe 2006-5

Notice to Noteholders

RNS Number : 1194W
Titan Europe 2006-5 PLC
06 February 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

 

€330,000,000 Class A1 Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277721618/XS0277724398)

€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277735758/XS0277736301)

€112,300,000 Class A2 Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277725361/XS0277725874)

€61,893,000 Class A3 Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277726500/XS0277727490)

€56,807,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277728381/XS0277729272)

€43,000,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277729439/XS0277731179)

€37,000,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277732144/XS0277732656)

€5,000,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2019

(XS0277733548/XS0277733894)

€14,868,755 Class F Commercial Mortgage Backed Floating Rate Notes due 2019
(XS0277734199/XS0277734785)

€50,000 Class V Commercial Mortgage Backed Floating Rate Notes due 2019

(together, the "Notes")

 

issued by Titan Europe 2006-5 p.l.c. (the "Issuer")

on 19 December 2006

 

 

The EU Market Abuse Regulation (596/2014) requires disclosure of inside information relating to the Issuer.

 

Terms used and not defined herein shall have the meaning ascribed to them in the Prospectus in relation to the Notes dated 19 December 2006 and the notices to noteholders dated 10 August 2015, 8 September 2015 and 5 August 2016.

 

We refer to the notices to noteholders dated 10 August 2015, 8 September 2015 and 5 August 2016 in relation to the Quartier 206 Shopping Centre Borrower Claim. The purpose of this notice is to provide further information in relation to the Quartier 206 Shopping Centre Borrower Claim.

 

Extension of Damage Claims

 

By a legal brief dated 27 January 2017 the Quartier 206 Shopping Centre Borrower (the "Borrower") filed an increase to the Quartier 206 Shopping Centre Borrower Claim which comprises an increase in the original damages claim as well as further specifications of claims under the requests for declaratory judgement, which can be summarised below:

 

Payment claims

 

(a)  The Borrower increased its original damages claim by EUR 79,366,682.24 from EUR 240,564,395.68 (such that the claim is now, in total: EUR 319,931,077.92 plus interest at 8 percentage points above the applicable base rate). The Borrower, in particular, alleges that the Quartier 206 Shopping Centre Property's value has allegedly declined further.

 

(b)  The damages claim in respect of additional damages regarding alleged losses of increase of the Quartier 206 Shopping Centre Property's value and loss of net proceeds remains EUR 345,300,000.00 plus interest at 8 percentage points above the applicable base rate.

 

The total damages claimed under the claims referred to in paragraph (a) and (b) above is therefore EUR 665,231,077.92 plus interest at 8 percentage points above the applicable base rate.

 

Requests for declaratory judgement

 

(c)  The Borrower requests a declaratory judgment for additional damages resulting from the following allegations:

·     wrongful termination of the Credit Agreement in respect of the Quartier 206 Shopping Centre Whole Loan of 6 March 2006, as amended on 23 November 2006;

·     implementation of forced administration proceedings by the Special Servicer;

·     lack of release of funds to repair the cold water piping of the air conditioning system; and

·     future claim by tenants against the Borrower in connection with the deficiencies of the Quartier 206 Shopping Centre Property, whereby the Borrower has indicated that a future value of these claims could be an overall amount of EUR 208,000,000.00, but the Borrower has not expressly included this number in the motions of request.

 

(d)  The request to stipulate that the Borrower does not owe the defendants any interest on late payments remains unchanged.

 

An oral hearing of the Quartier 206 Shopping Centre Borrower Claim is scheduled for 6 February 2017.

 

Queries may be addressed to the Issuer as follows:

 

Address:           Titan Europe 2006-5 p.l.c.

                        c/o Wilmington Trust SP Services (Dublin) Ltd,

                        Fourth Floor

                        3 George's Dock, IFSC

                        Dublin 1, Ireland

Attention:          The Directors

Fax:                  +353 1 6125550

E-mail:              [email protected]

 

This notice is given by

TITAN EUROPE 2006-5 PLC

as Issuer

 

6 February 2017

 

 

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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