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Klimson loan - Sale of Property

MCS

RNS Number : 0398D
Cornerstone Titan 2007-1 PLC
01 July 2016
 

RIS NOTIFICATION

 

To:                   The Irish Stock Exchange Limited

                        28 Anglesea Street

                        Dublin 2

                        Ireland

 

Attention:          Regulatory Information Services

 

1 July 2016

 

Cornerstone Titan 2007-1 p.l.c. (the "Issuer")

 

Class A1 Secured Floating Rate Notes due 2017

Class X Secured Floating Rate Notes due 2017

Class A2 Secured Floating Rate Notes due 2017

Class B Secured Floating Rate Notes due 2017

Class C Secured Floating Rate Notes due 2017

Class D Secured Floating Rate Notes due 2017

Class E Secured Floating Rate Notes due 2017

Class F Secured Floating Rate Notes due 2017

Class G Secured Floating Rate Notes due 2017

Class VA Secured Floating Rate Notes due 2017

Class VB Secured Floating Rate Notes due 2017

(together, the "Notes")

 

The Notes are admitted to trading on the regulated market of The Irish Stock Exchange Limited.

 

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 by the relevant member state) requires disclosure of inside information relating to the Issuer.

 

Terms used and not defined herein have the meaning ascribed to them in the Prospectus in relation to the Notes dated 7 March 2007.

 

The following notice has been prepared by and issued at the request of the Special Servicer. The Issuer has not independently verified the information contained in this notice. Accordingly, the Issuer hereby gives notice in respect of the Klimson Loan (the "Loan").

 

The Special Servicer hereby gives notice that following the conclusion of a consensual sales process, the Special Servicer approved the proposed sale of the Property securing the Loan (the "Klimson Property") and the entry by the Klimson Borrower, which owns the Klimson Property, into a sale and purchase agreement with a third party purchaser (the "SPA") with a purchase price for the Klimson Property of CHF 3,750,000 (the "Purchase Price").

 

The SPA was executed and notarised on 23 June 2016.

 

On 30 June 2016, following confirmation from the notary that the SPA had been registered with the appropriate Land Registry in Switzerland, and that the mortgage certificates had been filed with the relevant Land Registry for amendment, the Special Servicer received the net proceeds from the sale of the Klimson Property, following the deduction of certain pre-agreed costs and expenses from the Purchase Price (the "Net Proceeds").

 

The Net Proceeds will be applied towards repayment of amounts outstanding or in connection with the Loan and the relevant Loan Documents on the interest payment date under the Loan falling in July 2016.

 

Contact details for queries: Ian.Llewellyn@capitaassetservices.co.uk

 

Name and signature of agent of the Issuer responsible for making notification:

 

 

 

 

____________________                    ____________________

Signature                                               Name

Date of notification: 1 July 2016

 

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
 
 
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