RIS NOTIFICATION
Headline: Event of Default
To: The Irish Stock Exchange Limited
28 Anglesea Street
Dublin 2
Ireland (Xetra: A0Q8L3 - news)
Attention: Regulatory Information Services
3 February 2012
Excalibur Funding No. 1 plc (the "Issuer")
€2,166,541,000 Class A Notes due April 2054
€722,181,000 Class B Notes due April 2054
(together, the "Notes")
The Notes are admitted to trading on the regulated market of the Irish Stock Exchange.
Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation together with Implementing Directive 2003/124/EC (as implemented in Ireland by the Market Abuse (Directive 2003/6/EC) Regulations 2005) requires disclosure of inside information relating to the Issuer.
Terms used and not defined herein shall have the meaning ascribed to them in the Prospectus related to the Notes dated 22 May 2008.
The Issuer hereby gives notice that the Servicer has informed the Issuer of the following:
1.
We refer to the B Note known as 'Mitco III' which is a junior portion of a whole loan (the "Loan").
2.
The Underlying Obligors have failed to comply with certain of their obligations under the terms of the facility agreement documenting the Loan (the "Mitco III Facility Agreement") in that, on the Due Date of 13 January 2012, the total sum payable by the relevant Underlying Obligors was €715,710.15 whilst the relevant Underlying Obligors only paid the amount of €650,047.74 and the amount of €65,662.41 remains outstanding (the "Unpaid Amount"). The Unpaid Amount continues to accrue default interest in accordance with the Mitco III Facility Agreement.
3.
The non-payment of the Unpaid Amount constitutes an event of default under the Mitco III Facility Agreement (the "Mitco III Non-Payment Event of Default").
4.
Pursuant to the Intercreditor Agreement in relation to the Loan, the Issuer (as the junior lender under the Loan) had the option (but not the obligation) to cure the Mitco III Non-Payment Event of Default within the relevant grace period under the Intercreditor Agreement. No Cure Advance was made by the Issuer (or the Advancing Agent on the Issuer's behalf); therefore, the Mitco III Non-Payment Event of Default is continuing.
For queries relating to the above please contact: investorrelations@hatfieldphilips.com
Date:
Signature_____________________________________
ON BEHALF OF EXCALIBUR FUNDING No. 1 PLC
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange.
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