Company name Channel Capital PLC
Headline Publication of Payment of Excess Spread

RNS Number : 3988G
Channel Capital PLC
28 June 2012

Company Announcement

For immediate release



Channel Capital PLC

5 Harbourmaster Place

International Financial Services Centre

Dublin 1



Issuer Name:                Channel Capital PLC

Description of Notes:

US$ 50,000,000 Junior Capital Floating Rate Notes due July 2057 (the "Junior Capital Notes");

US$ 2,510,000 Senior Participation Notes due July 2057 (the "Senior Participation Notes"); and

US$ 500,000 Junior Participation Notes due July 2057 (the "Junior Participation Notes"), 


(the Junior Capital Notes, the Senior Participation Notes and the Junior Participation Notes are collectively referred to as the "Notes").

Announcement of Variable Payment:

In accordance with Condition 7 of the Notes, the Issuer hereby wishes to announce that it has today determined an amount of Earned Participation available for distribution as Excess Spread in the amount of USD 8,000,000, which shall be payable to the holders of each class of the Notes (as shown in the Register at the opening of business on the Record Date) as a Variable Payment as follows:

Junior Notes:                               USD 4,000,000 in aggregate

Senior Participation Notes:            USD 2,400,000 in aggregate

Junior Participation Notes:            USD 1,600,000 in aggregate

               Total:                            USD 8,000,000

The Issuer has determined the Variable Payment Date shall be 13 July 2012.

This announcement is effective from 28 June 2012.

For further information please contact Channel Capital Advisors LLP in its capacity as investment manager of the Issuer:  

Deborah Hutchinson - Chief Operating Officer                     + (44) (0) 207 291 5171


Robert Dodge - Operations Director                                  + (44) (0) 207 291 5167