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Name | Symbol | Market | Type |
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Premiertel A | LSE:35PS | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
TIDM35PS RNS Number : 4592N Premiertel plc 17 February 2009 THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF BONDHOLDERS. IF BONDHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER. IMPORTANT NOTICE TO THE HOLDERS OF THE GBP77,500,000 Class A 5.683 per cent. Bonds due 2029 ISIN XS0180245515 (the "Class A Bonds") GBP208,707,000 Class B 6.175 per cent. Bonds due 2032 ISIN XS0180245945 (the "Class B Bonds") issued by Premiertel plc (the "Issuer") on 25 November 2003 The "Class A Bonds" and the "Class B Bonds" are together referred to as the "Bonds". REFERENCE is made to the notice relating to the Bonds issued by the Issuer on 4 February 2009 (the "Previous Notice"). Pursuant to the Previous Notice , the Issuer wrote to Standard & Poor's ("S&P") and Fitch Ratings ("Fitch") (the "Rating Agencies") on 10 February 2009, to seek confirmation from the Rating Agencies that the making of the RBS Proposals would not cause them to downgrade the Bonds. In response to the Issuer's letters to each of the Rating Agencies: (i) S&P informed the Issuer that it is reviewing all transaction documents and would revert to the Issuer in due course; and (ii) Fitch referred the Issuer to its statement of rating confirmation policy dated 29 January 2009, the text of which is reproduced below: "Fitch Ratings - London/New York - 29 January 2009 - Fitch Ratings today further clarified its policy regarding rating confirmations by expanding on its 13 January 2009 commentary, entitled "Fitch Clarifies Policy for Structured Finance Rating Confirmations". In that release, Fitch emphasised that the decision to provide a rating confirmation remains entirely at Fitch's discretion and that the agency is not obliged to provide a confirmation. The agency has recently received an increasing number of requests for confirmations related to rating triggers applied to counterparties. Rating triggers are often used with respect to counterparty risk to specify remedies to be followed when rating triggers are breached. Such triggers may be based upon Fitch's ratings, as well as the ratings of other agencies. The counterparty exposures involved may include swap or other derivative positions, account banks, qualified investments, and/or liquidity facility providers, amongst others. With respect to counterparty risk in structured finance transactions, Fitch will always look to apply its then current criteria and will expect counterparties to honour the criteria in order for associated structured finance note ratings to be maintained. Transaction parties often choose to include specific rating triggers in transaction documentation that reflect rating criteria that were outstanding at the time of the transaction's origination. However, rating criteria may change as Fitch analyses developments in the market, or as its opinion of the risks involved changes. In the event that a counterparty continues to satisfy the provisions of Fitch's current criteria, the agency would not expect to downgrade the note ratings of a transaction exclusively due to the breach of any triggers specified in transaction documentation which no longer reflect Fitch's current criteria. Nevertheless, the consequences under the transaction documentation of such a breach would be a matter for transaction parties to address. Fitch would expect to be notified of any action taken by the transaction parties in response to such a breach. Such action by the transaction parties - for example, the declaration of an event of default - could cause Fitch to take a rating action or issue a commentary. It is important to emphasise that the transaction parties must decide for themselves what, if any action, they wish to take. They should not look to Fitch to issue a rating confirmation as a "remedy" for any such breach: Fitch's rating opinion does not cure a breach of documentation. Conversely, a counterparty that satisfies criteria today may not necessarily do so in the future, if Fitch's criteria change, even if the counterparty's ratings remain unchanged. Circumstances may arise where counterparties are compliant with rating triggers specified in transaction documentation, but are no longer in compliance with Fitch's current rating criteria. In the event that a counterparty no longer satisfies the eligibility criteria specified in Fitch's current criteria, the agency would expect the issuer to notify Fitch of this and the counterparty to inform Fitch of its intended course of action as a result of its non-compliance, regardless of provisions in the transaction documentation. Fitch does not notify individual transaction parties of changes in its criteria. However, changes to criteria are published on Fitch's free public website, www.fitchratings.com, where criteria reports are also available for download. Further, Fitch also emphasised that the counterparty rating triggers of other rating agencies do not factor into Fitch's rating opinion on, or its criteria for, counterparty exposure. Generally, Fitch would expect non-compliant counterparties to pursue the remedies specified in its current criteria, in order to maintain the note ratings of an associated transaction. However, there may be circumstances specific to a transaction where the ratings remain unchanged, even if the counterparty has notified Fitch that it does not intend to take remedial action following a trigger breach. Such circumstances might arise, for example, when the counterparty exposure concerned is no longer material to Fitch's rating opinion with respect to the associated structured finance notes. Fitch may choose to issue commentary regarding any proposed remedial course of action the agency is made aware of and will take rating action on the notes where appropriate. Contacts: Stuart Jennings, London, Tel: +44 (0) 20 7417 6271; Andreas Wilgen: +44 (0) 20 7417 6332; Suzanne Mistretta, New York, Tel: +1 212 908 0639; Glenn Costello: +1 212 908 0307; Ben McCarthy, Sydney, Tel: +61 2 8256 0388 Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site." This Notice is given by the Issuer. 17 February 2009 This information is provided by RNS The company news service from the London Stock Exchange END MSCZDLFFKLBZBBZ
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