Theatre (Hospitals) IRSH Notice to Noteholders

  Theatre (Hospitals) (IRSH) - Notice to Noteholders

RNS Number : 8188E
Theatre (Hospitals) No.1 Plc
06 June 2012
 



THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS.
IF NOTEHOLDERS 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

                                       

 £231,000,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2031

                   ISIN: XS0290917227 (the "Class A Notes")

 £57,000,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2031

                   ISIN: XS0275389756 (the "Class B Notes")

 £54,000,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2031

                   ISIN: XS0294355028 (the "Class C Notes")

 £54,000,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2031

                   ISIN: XS0294355374 (the "Class D Notes")

                                       

                                       

                                  issued by

                        Theatre (Hospitals) No. 1 PLC

                (the Issuer or the Transaction, as applicable)

                           on or about 11 May 2007

The Class A Notes, the Class B Notes, the Class C Notes and the Class D  Notes 
are together referred to as the Notes.

 

Reference is made to a liquidity facility (the Liquidity Facility) provided to
the Issuer pursuant to a liquidity  facility agreement dated 11 May 2007  (the 
Liquidity Facility Agreement) and made between the Issuer, the Issuer Security
Trustee, Danske Bank A/S,  London Branch (the  Liquidity Facility Provider  or 
Danske) and Citibank, N.A., London Branch (the Cash Manager).

 

Capitalised terms used but not defined in this notice shall have the  meanings 
ascribed to  them  in the  master  definitions  schedule dated  11  May  2007, 
between, amongst others, the  Issuer, the Issuer  Account Bank, the  Liquidity 
Facility Provider and the Trustee (the Master Definitions Schedule). 

On 30 May 2012, the Liquidity Facility Provider informed the Issuer in writing
(the Notice) that the Liquidity Facility Provider's short term debt rating had
been downgraded to "A2" from "A1" by Standard & Poor's Ratings Services  (S&P) 
as of 30 May 2012 (the Downgrade).

 

The Downgrade has led to a breach of the conditions of a waiver granted by the
Trustee on 17  September 2009  whereby the  Trustee waived  the obligation  of 
either (i) the Issuer to replace the Liquidity Facility Provider; or (ii)  the 
Cash Manager to make a Liquidity  Stand-by Drawing under clause 6.1(d) of  the 
Liquidity  Facility  Agreement,  following  the  downgrade  of  the  Liquidity 
Facility Provider by  S&P on  5 February 2009  (the Waiver).   The Waiver  was 
conditional   upon   Danske's   short   term   unsecured,   unguaranteed   and 
unsubordinated debt obligations being rated at least "F1" by Fitch and "A1" by
S&P, absent such ratings  the Waiver granted  would be immediately  withdrawn. 
The full details of the Waiver have been set out in the notice to  Noteholders 
dated 5 October 2009.

 

As a result of the Waiver being withdrawn and in accordance with the terms  of 
the Liquidity Facility  Agreement a  downgrade of  the short-term,  unsecured, 
unsubordinated and unguaranteed rating of  the Liquidity Facility Provider  to 
below the Liquidity Requisite  Ratings requires the  Cash Manager Provider  to 
make a Stand-by Drawing within 5 Business Days of the date of the downgrade.

 

The Cash Manager made such a Stand-by Drawing on 1^st June 2012.

This notice is given by the Issuer.

Noteholders may contact the Issuer at:

                       

Theatre (Hospitals) No. 1 PLC

c/o Structured Finance Management Limited

35 Great St Helen's

London EC3A 6AP

Attention:          The Directors

Telephone:        020 7398 6300

Fax:                  020 7398 6325

e-mail:              directors-uk@sfmeurope.com

 

Ref:                  Theatre (Hospitals) No. 1 PLC

 6 June 2012

 

 

 

 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
 
END
 
 
ISEFFMJTMBAMBBT -0- Jun/06/2012 13:51 GMT