Company Name: Perseus (European Loan Conduit No. 22) plc
Headline: Notice
RNS Number:
Perseus (European Loan Conduit No. 22) plc
RIS Notification
20 April 2012
Perseus (European Loan Conduit No. 22) plc (the "Issuer")
£207,500,000 Class A1 Commercial Mortgage Backed Floating Rate Notes due 2014
£194,000,000 Class A2 Commercial Mortgage Backed Floating Rate Notes due 2014
£46,250,000 Class A3 Commercial Mortgage Backed Floating Rate Notes due 2014
£46,350,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2014
£15,750,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2014
£4,687,500 Class D Commercial Mortgage Backed Floating Rate Notes due 2014
Being together, the "Notes"
The Notes are admitted to the official list of the Irish Stock Exchange and to trading on its regulated market.
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 (Xetra: A0Q8L3 - news) by the Market Abuse (Directive 2003/6/EC) Regulations 2005) requires disclosure of inside information relating to the Issuer.
Defined terms used and not defined herein having the meaning ascribed to them in the Offering Circular dated 21 December 2005.
The Major Belle Loan
We refer to the RIS Notification dated 14 March 2012.
We also refer to the Credit Agreement dated 15 July 2005 (as amended from time to time) between Morgan Stanley Bank International Limited (as Original Lender), Morgan Stanley Mortgage Servicing Limited (as Security Trustee and Facility Agent) and Major Belle Limited and others (as Borrowers).
The Special Servicer has confirmed that, following the sale of the property at Centre City, 5-7 Hill Street, Birmingham, West Midlands on 8 March 2012 for a gross sales price of GBP 20,000,000, the net sales proceeds (following the deduction of interest) recovered to date are GBP 18,757,315.91.
It should be noted that a capital expenditure facility with an outstanding principal amount of £2,050,829.02 ranks pari passu with the Major Belle Loan. Therefore, the Principal Recovery Funds available to the Issuer on the April 2012 Interest Payment Date will be GBP 17,151,424.59. The receivers anticipate that additional funds may be recovered in respect of the Loan however the amounts have yet to be confirmed.
The most recent valuation of the asset, dated November (Stuttgart: A0Z24E - news) 2011, contained a value of £17,500,000.00.
Additional information can be found in the monthly Special Servicing Reports available on the Morgan Stanley Mortgage Servicing Investor Website available via the Client Link Service at www.MorganStanley.com
For queries relating to the above please contact: msms-investors@morganstanley.com
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange.
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