Source - RNS
RNS Number : 5369K
Pinetree CDO Limited
22 September 2016
 



 

 

 


 

 

 

 

 

 

 

NOTICE OF RESULTS OF AUCTION CONDUCTED
PURSUANT TO SECTION 9.5 OF THE INDENTURE


Corporate Trust Services

9062 Old Annapolis Road

Columbia, MD 21045-1951

                                                                                MAC: R1204-010


 

PINETREE CDO LTD.

 

To:       The Parties listed on Schedule A hereto.

 

Reference  is  made  to  that  certain  Indenture  dated  as  of  November  30,  2005  (the "Indenture") among Pinetree CDO Ltd., as Issuer, Pinetree CDO LLC, as Co-Issuer, and Wells Fargo Bank, National Association, as Trustee.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

I.          Notice to Nominees and Custodians

 

If you act as or hold Notes as a nominee or custodian for or on behalf of other persons, please transmit this notice immediately to the beneficial owner of such Notes or such other representative who is authorized to take actions.  Your failure to act promptly in compliance with this paragraph may impair the chance of the beneficial owners on whose behalf you act to take any appropriate actions concerning the matters described in this notice.

 

II.        Notice  of  Results  of  Auction  Conducted  Pursuant  to  Section  9.5  of  the

Indenture

 

Notice is hereby given that an Auction was conducted in accordance with Section 9.5 and Schedule F of the Indenture on September 21, 2016(the "September 2016 Auction Date").  The Trustee was unable to sell the Collateral Debt Securities on the September 2016 Auction Date because it did not receive bids that would result in Sale Proceeds, together with the Balance of all Eligible Investments and Cash in the Issuer Accounts (other than in any Hedge Counterparty Collateral Account, any Synthetic Security Counterparty Account and any Synthetic Security Issuer Account), at least equal to the Auction Call Redemption Amount. Consequently, an Auction Call Redemption will NOT occur on the October 5, 2016 Payment Date. You are further notified that pursuant to Section 9.5 of the Indenture, the Trustee shall conduct an Auction prior to each subsequent Payment Date   unless an Auction was conducted on the preceding Auction Date and the Portfolio Manager notifies the Trustee that, due to market conditions an Auction on such Auction Date is unlikely to be successful.

 

On each subsequent Auction Date, the Trustee shall sell the Collateral Debt Securities only if the sale would result in Sale Proceeds, together with the Balance of all Eligible Investments and Cash in the Issuer Accounts (other than in any Hedge Counterparty Collateral Account, any Synthetic Security Counterparty Account and any Synthetic Security Issuer Account), greater than or equal to the Auction Call Redemption Amount; provided that Holders of 100% of the Aggregate Outstanding Amount of any Class of Notes or Holders of 100% of the Preference Shares may elect, in connection with any Auction Call Redemption, to receive less than 100% of the portion of the Sale Proceeds from the Collateral Debt Securities and the Balance of Eligible Investments and Cash in the Issuer Accounts (other than in any Hedge Counterparty Collateral Account, any Synthetic Security Counterparty Account and any Synthetic Security Issuer Account), that would


otherwise be payable to Holders of such Class or Holder of the Preference Shares, as applicable, in which case, the Auction Call Redemption Amount shall be reduced accordingly.

 

If you are a Holder of Notes or Preference Shares and wish to elect to receive less than

100% of the portion of the Sale Proceeds from the Collateral Debt Securities and the Balance of Eligible Investments and Cash in the Issuer Accounts (other than in any Hedge Counterparty Collateral Account, any Synthetic Security Counterparty Account and any Synthetic Security Issuer Account), that would otherwise be payable to you on the Auction Call Redemption Date following any Auction Date, and thereby reduce the Auction Call Redemption Amount, please contact the Trustee at least 15 Business Days prior to any subsequent Payment Date at:

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attn: Karen Taylor

Fax: 866-359-9244

Email: [email protected]

 

You may direct questions and requests to the attention of Karen Taylor by telephone at 410.884.2149, by e-mail at [email protected], by facsimile at 1-866-359-9244, or by mail addressed to Wells Fargo Bank, National Association, Corporate Trust Department, Attn.: Karen Taylor MAC: R1204-010, 9062 Old Annapolis Road, Columbia, MD 21045-1951. The Trustee may conclude that a specific response to particular inquiries from individual Holders is not consistent with equal and full dissemination of material information to all Holders. Holders of Notes should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations and gives no investment advice herein or as to the Notes generally.

 

Dated: September 21, 2016                                              WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee


Schedule A

 

Holders of Notes and Preference Shares:  723332AA0, 723332AB8, 723332AC6, 723332AD4,

723332AE2, G71018207, G71054AB9, G71054AC7, G71054AD5

 

Issuer:

Pinetree CDO Ltd.

c/o Maples FS Limited P.O. Box 1093 GT Queensgate House

Grand Cayman, Cayman Islands

 

Co-Issuer:

Pinetree CDO LLC

c/o Puglisi & Associates

850 Library Avenue, Suite 204

Newark, Delaware 19711

Attention: Donald Puglisi, Esq.

 

Rating Agencies:

Moody's Investors Service

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: CBO/CLO Monitoring

E-mail: [email protected]

 

Standard & Poor's

55 Water Street, 41st Floor

New York, New York 10041-0003

Attention: Structured Finance Ratings, Asset-Backed Surveillance Group - CBO/CLO E-mail: [email protected]

 

Portfolio Manager:

Deerfield Capital Management LLC

250 Park Avenue, 5th Floor

New York, NY 10177

Attention: Pinetree CDO Ltd.

 

Irish Stock Exchange:

The Company Announcements Office

The Irish Stock Exchange

28 Anglesea Street

Dublin 2 Ireland

 

 

 

 

The Trustee shall not be responsible for the use of the CUSIP, CINS, ISIN or Common Code numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Note. The numbers are included solely for the convenience of the Holder


 

 

 

 

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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