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Name | Symbol | Market | Type |
---|---|---|---|
Agric Dev Bk 26 | LSE:33GX | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 107.076 | 0 | 01:00:00 |
TIDM33GX RNS Number : 6840Z GESB PLC 25 September 2009 NOTICE TO HOLDERS GESB PLC GBP104,555,000 8.35 per cent Guaranteed Secured Bonds due 2018 (ISIN XS0051799046) (the "Bonds") FOR IMMEDIATE RELEASE 25 September 2009 This notice is given by GESB plc (the "Issuer") to the holders of the Bonds (the "Bondholders"). Capitalised terms used and not otherwise defined herein have the meanings given to them in the offering circular in respect of the Bonds dated 5 July 1994. The Issuer hereby gives notice to the Bondholders that following the downgrade of Ambac Assurance Corporation's credit rating from Baa3 to Caa2 by Moody's Investors Services Inc ("Moody's") on 29 July 2009 Moody's announced the withdrawal of its rating on the Bonds on 1 September 2009 in line with Moody's modified rating methodology for structured finance securities insured by financial guarantors (as announced by Moody's on 14 July 2009). There is no obligation on the Issuer to maintain a rating on the Bonds however Bondholders should be aware that Moody's has informed the Issuer that it will consider re-rating the Bonds on the basis of the underlying Stock. In order to consider an underlying rating, Moody's has informed the Issuer that it will require a range of information to be provided to it including specific information relating to the Borrowers, copies of the loan documentation, detailed information in relation to each individual unit in the Borrower's portfolio (including the most recent valuations) and all historical information in relation to the transaction. This process may involve substantial time and cost with no assurance of a rating being given at all or higher than the rating of the Bonds immediately before Moody's withdrew its rating. This process, Moody's surveillance and other ongoing rating services would be entirely at the cost of the Bondholders because the Issuer is not permitted (without the approval of the Trustee and the Controlling Creditor) to incur costs or apply collections otherwise than in payment of costs contemplated by the Transaction Documents or considered by the Trustee to be reasonable priority expenses of the Issuer. Accordingly, Bondholders should be aware that as the Issuer is not obliged to maintain a rating, it will not take any action in connection with a possible re-rating without Bondholder approval. Bondholders should note that Bondholders holding at least 10 per cent of the outstanding number of Bonds would need to petition the Bond Trustee to arrange for a formal meeting of Bondholders to be called to approve such a re-rating. Alternatively, the Bond Trustee is willing to assist any Bondholder who wishes to call an informal meeting of Bondholders to discuss the ratings position with other Bondholders. Bondholders should contact the Bond Trustee directly to petition such a meeting. The contact details for the Bond Trustee are: Capita Trust Company Ltd 7th Floor, Phoenix House 18 King William Street London EC4N 7HE Telephone: 0207 648 7495 Email: corptrustsmanager@capitafiduciary.co.uk This notice is given by GESB plc on 25 September 2009. The contact details for the Issuer are: The Directors GESB plc c/o Wilmington Trust SP Services (London) Limited Telephone: +44 (0) 20 7614 1111 Email: transactionteam@wilmingtontrust.com This information is provided by RNS The company news service from the London Stock Exchange END MSCLAMBTMMBTBAL
1 Year Agric Dev Bk 26 Chart |
1 Month Agric Dev Bk 26 Chart |
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