REG - Helios(Eur Ln Cd 37) - Notice

Bloomin' BrandsAnnouncement

24/04/2020 18:40

RNS Number : 8701K
  
Helios(Eurp Loan Conduit No.37) DAC
  
24 April 2020
  
 

RIS NOTIFICATION
 
To:                     Euronext Dublin

28 Anglesea Street

Dublin 2

Ireland
 
Attention:          Regulatory Information Services
24 April 2020
COMPANY ANNOUNCEMENT
In relation to:
HELIOS (EUROPEAN LOAN CONDUIT NO.37) DAC
3rd Floor Fleming Court,

Fleming's Place,

Dublin 4,

Ireland

(the "Issuer")
£15,500,000 Class RFN Commercial Mortgage Backed Floating Rate Notes Due 2030,

ISIN XS2078535858
£139,700,000 Class A Commercial Mortgage Backed Floating Rate Notes Due 2030,

ISIN XS2078537987
£42,100,000 Class B Commercial Mortgage Backed Floating Rate Notes Due 2030,

ISIN XS2078538282
£42,700,000 Class C Commercial Mortgage Backed Floating Rate Notes Due 2030,

ISIN XS2078538522
£53,100,000 Class D Commercial Mortgage Backed Floating Rate Notes Due 2030,

ISIN XS2078539090
£54,900,000 Class E Commercial Mortgage Backed Floating Rate Notes Due 2030,

ISIN XS2078539330
£100,000 Class X Commercial Mortgage Backed Floating Rate Notes Due 2030,

ISIN XS2078539504
 
 (together the "Notes")
The Notes are admitted to trading on the Global Exchange Market of the Irish Stock Exchange plc trading as Euronext Dublin.
We refer to the final offering circular of the Issuer dated 17 December 2019 (the "Offering Circular"). Capitalised terms used herein and not specifically defined will have the same meaning as given to that term in the Offering Circular.
 
COVID-19 Update
 
We refer to the RIS Notification published on 30 March 2020 whereby the Servicer confirmed that it is closely monitoring the COVID-19 situation to assess the impact on portfolio performance and will notify Noteholders of any developments.
 
To date all debt service payments have been made in full and the Servicer does not anticipate there will be any shortfalls at the Loan Payment Date falling on 30 April 2020. The sponsor has confirmed  that all ground rent payments have been made in full to date.
 
Further, the Sponsor has confirmed that, since the government imposed lockdown restrictions in mid-March, 22 of the 49 hotels in the portfolio have remained open and are contracted to either a government or charitable organisation until further notice. The remaining 27 hotels have stopped operating, resulting in 73% of the total staff employed across the entire portfolio being furloughed. 
 
Due to the government's announcement to temporarily cancel business rates  the Sponsor has confirmed that this has amounted to a saving of approximately £550k per month or an annualised saving of £6.6m. Additionally, outside of the remedial works currently being undertaken on the cladding for which circa. £8.8m is already set aside and the planned extension works for which a further £7.7m is set aside, no further capex works are planned in the near term.
 
Further updates will be available in due course.
 
Notice is given by:
 
HELIOS (EUROPEAN LOAN CONDUIT NO.37) DAC
Date of notification: 24 April 2020
 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.


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