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Trainer Wrthm CBO (IRSH)

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Friday 14 February, 2020

Trainer Wrthm CBO

Trainer III Notice of Results of Auction

RNS Number : 0422D
Trainer Wortham CBO III, Ltd/Corp
14 February 2020



Corporate Trust Services

9062 Old Annapolis Road

Columbia, MD 21045-1951

MAC: R1204-010








To:       The Parties listed on Schedule I hereto.

Reference is made to that certain Indenture dated as of February 19, 2003 (the "Indenture") among Trainer Wortham CBO III, Ltd., as Issuer (the "Issuer"), Trainer Wortham CBO III I, Corp, as Co-Issuer, and Wells Fargo Bank, National Association (formally known as Wells Fargo Bank Minnesota, National Association), as Trustee.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

            I.          Notice to Nominees and Custodians.


            If you act as or hold Notes as a nominee or custodian for or on behalf of other persons, please transmit this notice immediately to the beneficial owner of such Notes or such other representative who is authorized to take actions.  Your failure to act promptly in compliance with this paragraph may impair the chance of the beneficial owners on whose behalf you act to take any appropriate actions concerning the matters described in this notice.


            II.        Notice of Results of Auction Conducted Pursuant to Section 9.5 of the Indenture


Notice is hereby given that the Auction was conducted in accordance with Sections 9.5 and Schedule F of the Indenture.  The Trustee was unable to sell the Collateral Debt Securities at the Auction because it did not receive bids that would result in Sale Proceeds from the sale of the Collateral Debt Securities that, together with the Balance of all Eligible Investments and Cash in the Accounts, would be at least equal to the Auction Call Redemption Amount.  Consequently, an Auction Call Redemption will NOT occur on the February 28, 2020 Quarterly Distribution Date.


You are further notified that pursuant to Section 9.5 of the Indenture, the Trustee shall conduct an Auction prior to each subsequent Quarterly Distribution Date unless an Auction was conducted on the preceding Auction Date and the Collateral Manager notifies the Trustee that, due to market conditions, an Auction on such Auction Date is unlikely to be successful.


On each subsequent Auction Date, the Trustee shall sell the Collateral Debt Securities only if the sale would result in Sale Proceeds, together with the Balance of all Eligible Investments and Cash in the Accounts, greater than or equal to the Auction Call Redemption Amount; provided that Holders of 100% of the Aggregate Outstanding Amount of any Class of Notes and/or Holders of 100% of the Voting Preference Shareholders may elect, in connection with any Auction Call Redemption, to receive less than 100% of the portion of the Sale Proceeds from the Collateral Debt Securities and the Balance of Eligible Investments and Cash in the Accounts that would otherwise be payable to Holders of such Class and/or to the Voting Preference Shareholders, in which case, the Auction Call Redemption Amount shall be reduced accordingly. 


If you are a Holder of Notes or Voting Preference Shareholders and wish to elect to receive less than less than 100% of the portion of the Sale Proceeds from the Collateral Debt Securities and the Balance of Eligible Investments and Cash in the Accounts that would otherwise be payable to you on the Auction Call Redemption Date following any Auction Date, and thereby reduce the Auction Call Redemption Amount, please contact the Trustee at least 15 Business Days prior to any subsequent Quarterly Distribution Date at:


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attn: CDO Trust Service - Trainer Wortham III, Ltd

Fax: 866-359-9244, Attn: Karen Taylor

Email: [email protected]


            You may direct questions to the attention of Karen Taylor by telephone at 410-884-2149, by email at [email protected], by facsimile at 866-359-9244 or by mail addressed to Wells Fargo Bank, National Association, Corporate Trust Department, Attn: Karen Taylor, MAC R1204-010, 9062 Old Annapolis Road, Columbia, MD 21045.


            The Trustee may conclude that a specific response to particular inquiries from individual

Holders is not consistent with equal and full dissemination of material information to all Holders. Holders of Notes should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations and gives no investment advice herein or as to the Notes generally.


Dated: February 13, 2019                                           WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

Schedule I


Holders of Notes:* 892881AA1, 892881AB9, 892881AC7, 892881AD5, 892881AE3 G89931102 G89933AA6


The Issuer:

Trainer Wortham CBO III, Ltd.

c/o Intertrust SPV (Cayman) Limited

190 Elgin Avenue

George Town, Grand Cayman


Cayman Islands

Attn: Managing Director


The Co-Issuer:

Trainer Wortham CBO III, Corp.

c/o Puglisi & Associates

850 Library Avenue, Suite 204

Newark, Delaware 19711

Attention: Donald Puglisi, Esq.


The Collateral Manager:

Trainer, Wortham & Company

1230 Avenue of the Americas

Facsimile: (212) 826-2198

Attention: Jon Crowley


Rating Agencies:

Moody's Investors Service

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attn: CBO/CLO Monitoring

E-mail: [email protected]


Standard & Poor's

55 Water Street, 41st Floor

New York, New York 10041-0003

Attention: Structured Finance Ratings, Asset-Backed Surveillance Group-CBO/CLO

E-mail: [email protected]





Fitch Ratings

1 State Street Plaza

New York, New York 10004

Attention: ABS CDO Surveillance

E-mail: [email protected] 


Irish Stock Exchange:

The Company Announcements Office

The Irish Stock Exchange

28 Anglesea Street

Dublin 2 Ireland






This announcement has been issued through the Companies Announcement Service of Euronext Dublin.


*  The Trustee shall not be responsible for the use of the CUSIP, CINS, ISIN or Common Code numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Note. The numbers are included solely for the convenience of the Holders. 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit

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