REG - Taurus 2020-1 NL DAC - Notice

Bloomin' BrandsAnnouncement

01/05/2020 17:45

RNS Number : 7238L
  
Taurus 2020-1 NL DAC
  
01 May 2020
  
 

RIS NOTIFICATION
To:             Euronext Dublin

28 Anglesea Street

Dublin 2

Ireland
Attention: Regulatory Information Services
1 May 2020
 
COMPANY ANNOUNCEMENT
In relation to:
Taurus 2020-1 NL DAC 
(incorporated as a designated activity company with limited liability in Ireland with registered number 665014 (the "Issuer"))
 €324,735,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2030 
(the Class A Notes - Reg S ISIN: XS2128006603 Rule 144A ISIN: XS2128007163) 
€200,000 Class X Commercial Mortgage Backed Notes due 2030 
(the Class X Notes - Reg S ISIN: XS2128008302 Rule 144A ISIN: XS2128008484)
€98,800,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2030 
(the Class B Notes - Reg S ISIN: XS2128007320 Rule 144A ISIN: XS2128007593)
€65,900,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2030 
(the Class C Notes - Reg S ISIN: XS2128007676 Rule 144A ISIN: XS2128007759)
€65,900,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2030 
(the Class D Notes - Reg S ISIN: XS2128007833 Rule 144A ISIN: XS2128007916)
€65,300,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2030 
(the Class E Notes - Reg S ISIN: XS2128008138 Rule 144A ISIN: XS2128008211)
(together, the "Notes")
The Notes are admitted to the official list of Euronext Dublin and to trading on its Global Exchange Market. 
The following communication may constitute inside information that the Issuer is obliged to make public under Article 17 of Regulation (EU) No 596/2014 (commonly known as the Market Abuse Regulation).  The Senior Borrowers have provided this communication to the Servicer, who requested that the Issuer publish this notice to the holders of the Notes. The Issuer and the Servicer note that they have not been involved in the preparation of this communication and express no opinion in respect of the information contained in this notice.
This notice is solely directed to the holders of the Notes and should not be relied upon or used by any other person.
Defined terms used and not defined herein having the meaning ascribed to them in the Offering Circular dated 10 March 2020 in respect of the Notes (the "Offering Circular").
Financial Update
In light of the fast-moving developments relating to COVID-19, in advance of the delivery of the financial information required under the Senior Facility Agreement (the "Loan Agreement Reporting") and the next quarterly investor reporting to be delivered to Noteholders, the Senior Borrowers have provided an update to the Senior Loan Facility Agent and the Servicer as to the financial performance of the Group and the impact of the COVID-19 crisis on the Group. 
The impact of COVID-19 on the Group's business, the market and economic conditions generally remains uncertain, and the Senior Borrowers expect market conditions to remain volatile as a result of restrictions imposed to control the spread of the virus.  
Financial quarter ended June 30, 2020: the Senior Borrowers have received a number of requests from their tenants for rent deferrals, or for renegotiation of tenancy agreements.  The Senior Borrowers expect to discuss these requests with tenants on a case by case basis but anticipate that some amendments which adversely affect the Net Rental Income will occur.  However, the Senior Borrowers are unable to say at this stage how material the effect of these amendments will be to Net Rental Income for future periods.
The Senior Borrowers estimate that as of April 21, 2020, they have collected approximately 74% of monthly rental due in April and approximately 83% of quarterly rental due in April, tracking approximately 10% to 13% behind collection rates for the prior quarter.  This is primarily due to the impact of COVID-19 and related restrictions, leading to financial pressures on its tenants.
Financial quarter ended March 31, 2020: the Senior Borrowers' preliminary estimate of Net Rental Income for the financial quarter ended 31 March, 2020 is EUR 59 million (annualised).
The Senior Borrowers will deliver the final reporting package of Loan Agreement Reporting for the period ended March 31, 2020, including a definitive calculation of Net Rental Income within the timeframe specified in the Senior Facility Agreement, which information will be contained in the quarterly reporting to be delivered to Noteholders following the Note Payment Date occurring in May 2020 as described in the Offering Circular. You should review this in detail.
The Senior Debt Service Account is close to fully funded for the purposes of the Loan Payment Date falling in May 2020.
For queries related to the above please contact: msms-investors@mountstreetllp.com.
Published by:
Taurus 2020-1 NL DAC
Third Floor, Fleming Court, Fleming's Place, Dublin 4, D04 N4X9
Ireland

(in its capacity as Issuer)
This communication includes certain forward looking statements and other forward looking information provided by the Senior Borrowers regarding, among other things, the Senior Borrowers' plans, strategies and prospects, both business and financial.  The use of words such as "may", "might", "will", "should", "expect", "plan", "flash", "anticipate", "believe", "estimate", "project", "predict", "intend", "future", "potential" or "continue", and other similar expressions are intended to identify forward looking statements.  Forward looking statements and projections are inherently subject to risks and uncertainties and there is no assurance that they in fact will be achieved.  Whether or not any such forward looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of the Senior Borrowers.  Accordingly, actual results may vary from the projected results and such variations may be material.  There are no guarantees or assurances of performance and forward looking statements should not be relied upon as conclusions or acknowledgements.  There is no certainty that any figures or outcomes included herein are definitive or will actually occur.  The Senior Borrowers may seek to modify the terms of the Senior Facility Agreement at any time in response to market conditions and its own business results, or take any other action as it sees appropriate.  Consequently, all of the forward looking statements made in this update are qualified by these cautionary statements.
Any estimated financial information presented in this communication is preliminary, unaudited and subject to the completion of the Senior Borrowers' financial closing procedures.  This estimated financial information has been prepared by the Senior Borrowers based upon information available at the time that this communication was prepared.  This information should not be viewed as a substitute for full quarterly and/or annual financial information prepared and delivered pursuant to the terms of the Senior Facility Agreement.  The Senior Borrowers have no obligation to update the information contained herein or provide any additional financial reporting except as required pursuant to the Senior Facility Agreement and made available to investors in the manner described in the Offering Circular.  The Senior Borrowers' actual results may vary from these estimated results and such variations may be material.
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.


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