IRISH STOCK EXCHANGE ANNOUNCEMENT
For immediate Release
The date of this notice is 21 April 2017
IMPORTANT NOTICE TO NOTEHOLDERS
THIS NOTICE REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISORS IMMEDIATELY.
TAURUS CMBS (GERMANY) 2006-1 P.L.C. (the "Issuer")
Class A Commercial Mortgage Backed Floating Rate Notes due 2015
Class X Commercial Mortgage Backed Floating Rate Notes due 2015
Class B Commercial Mortgage Backed Floating Rate Notes due 2015
Class C Commercial Mortgage Backed Floating Rate Notes due 2015
Class D Commercial Mortgage Backed Floating Rate Notes due 2015
being together, the "Notes"
The Notes are admitted to trading on the regulated market of The Irish Stock Exchange plc.
Capitalised terms used in this notice but not defined herein shall have the meanings ascribed to such terms in the Offering Circular in respect of the Notes dated 11 July 2006 (the "Offering Circular").
The Final Maturity Date of the Notes occurred on 22 April 2015. On that date, the listing of the Notes was cancelled. However, on 9 June 2015, the cancellation of the Notes was deferred until further notice (RNS Number 6747P).
This notice has been prepared and issued at the request of the Special Servicer. The Issuer and the Note Trustee have not independently verified the information contained in this notice. Accordingly, the Issuer hereby gives notice that the Special Servicer has informed the Issuer of the following in relation to the Bremen Loan:
The Bremen Loan - update
Reference is made to the loan referred to as the "Bremen Loan" in the Offering Circular.
Further reference is made to the notices published on 10 April 2015 (relating to the failure of the Bremen Borrower to repay the Bremen Loan and the opening of insolvency proceedings with respect to the Bremen Borrower and the steps taken by the Special Servicer since the opening of such insolvency proceedings) and 22 April 2015 (relating to the occurrence of the Final Maturity Date prior to, inter alia, the sale of the Bremen Property).
The Bremen Borrower is still subject to insolvency proceedings.
The Special Servicer has consented to the Insolvency Administrator of the Bremen Borrower signing a sale and purchase agreement with an agreed purchaser on the 13 April 2017 for the sale of the Bremen Property.
It is unknown whether the sales proceeds will be available pre or post the July 2017 Interest Payment Date as the sale will close once all conditions are met to include a dual-way pre-emption right given to the City of Bremen. Under the terms of the Borrowers insolvency a minor portion of the sale proceeds will be retained within an "insolvency account" to provide the Insolvency Administrator with sufficient funds to complete the insolvency proceedings. Following the closing of the insolvency proceedings the Insolvency Administrator will make a final account settlement regarding the remaining monies held within the "insolvency account" and this process is unlikely to be completed before the end of 2017 at the earliest.
The Special Servicer will give further notice once the sales proceeds have been received.
Contact name and e-mail address for queries:
Andreas Schraeder ([email protected])
Taurus CMBS (Germany) 2006-1 P.L.C.
Attn: Capita International Financial Services (Ireland) Limited
2 Grand Canal Square
Grand Canal Harbour
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS