Company name Titan Europe 2006-3
Headline Notice to Holders


RNS Number : 1288U
Titan Europe 2006-3 plc
04 April 2016
 

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 Holders

 

Titan Europe 2006-3 PLC

 

£471,975,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257767631 / XS0257772987

£50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257768100 / XS0257773951

£245,427,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257768522 / XS0257775576

£51,917,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257769090 / XS0257776624

£56,637,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257769769 / XS0257777515

£37,900,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257770007 / XS0257778836

£30,043,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257770775 / XS0257779131

£40,400,000 Class G Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257770858 / XS0257779727

£9,351,559 Class H Commercial Mortgage Backed Floating Rate Notes due 2016

ISINs: XS0257771310 / XS0257780816

 

Reference is made to the trust deed dated 27 June 2006 (the "Trust Deed") made between ABN AMRO Trustees Limited (now U.S. Bank Trustees Limited) as note trustee (the "Note Trustee") and Titan Europe 2006-3 plc (the "Issuer") pursuant to which the Issuer issued the notes referred to above (the "Notes").

 

Capitalised terms used and not defined in this notice shall have the meanings set out in the Master Definitions Schedule referred to in Clause 1.1 of the Trust Deed.

 

We refer to (a) the notice to Noteholders dated 26 January 2015, pursuant to which the Note Trustee informed Noteholders of a dispute between the holders of the Class X Notes and holders of other classes of Notes (including the Class A Notes) in relation to their respective entitlements under the priority of payments (the "Dispute") and that resolution of such Dispute would be required prior to the making of distributions with respect to the Notes and (b) the notice to Noteholders dated 15 May 2015 pursuant to which the Note Trustee informed Noteholders that the Note Trustee was seeking directions from the English courts (pursuant to Part 8 proceedings before the High Court of Justice Chancery Division) as to matters of contractual interpretation relating to the Dispute (the "Proceedings").

 

The Issuer hereby informs Noteholders that the parties to the Proceedings have entered into a settlement deed dated 4 April 2016 pursuant to which such parties agreed the terms of the settlement of the claims raised in the Proceedings (the "Settlement Deed").

 

Pursuant to the terms of the Settlement Deed, the total amount available in the Issuer's Collection Account as of 25 January 2016 will be applied as follows: (i) to pay the Revenue Priority Amounts and the costs and expenses of the Issuer due but unpaid as of the date of the Settlement Deed (the "Accrued Costs and Expenses of the Issuer"); and (ii) after payment of the Revenue Priority Amounts and the Accrued Costs and Expenses of the Issuer, a portion of the remaining distributable funds in an amount equal to the amount which has been agreed between the Class X Noteholder and the holders of Class A Notes as being the aggregate accrued and unpaid interest on to the Class A Notes and the Class X Notes shall be distributed between the Class X Noteholder and the Class A Noteholders in accordance with the terms of the Settlement Deed (the "Settlement Distribution"), with a settlement payment being made to the Class X Noteholder from amounts that would otherwise be paid to the Class A Noteholders. Following payment of the Settlement Distribution, the amounts on deposit in the Class X Account will be released to the Class X Noteholder, the Class X Notes will be redeemed and cancelled, and the Class X Noteholder will be entitled to no further payments in respect thereof and will be released from any further liability thereunder. Thereafter, any other net distributable funds remaining in the Issuer's Collection Account will be distributed by the Cash Manager upon the instruction of the Note Trustee in the manner provided in the Transaction Documents.

 

Contacts: Noteholders who have queries concerning anything mentioned in this notice may contact the Issuer as follows:

 

Issuer

Address:           Titan Europe 2006-3 plc

                        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: Ireland@WilmingtonTrust.com

 

This notice is given by the Issuer on

4 April 2016

 

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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