REG - Taurus 2018-1 IT - Notice relating to a Waiver Request

CBREAnnouncement

12/05/2020 15:20

RNS Number : 6733M
  
Taurus 2018-1 IT S.R.L.
  
12 May 2020
  
 





Company Name:


Taurus 2018-1 IT S.r.l.




Headline:


Notice relating to a Waiver Request with respect to the Bel Air Facility Agreement 






 
12 May 2020
 TAURUS 2018-1 IT S.R.L
(incorporated with limited liability under the laws of the Republic of Italy with registration number 04942580269)


("Issuer")

 
€224,297,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2030 (the Class A Notes)
€100,000 Class X Commercial Mortgage Backed Note due 2030 (the Class X Note)
€29,542,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2030 (the Class B Notes)
€37,693,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2030 (the Class C Notes)
€32,496,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2030 (the Class D Notes)
€17,626,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2030 (the Class E Notes)
("Notes")
 
The Notes are admitted to trading on the global exchange market of the Irish Stock Exchange plc, trading as Euronext Dublin.
This announcement contains inside information and is made on 12 May 2020 pursuant to the Market Abuse Regulation (the Regulation (EU) No. 596/2014) and the Implementing Technical Standards relating thereto (Regulation (EU) 2016/1055).
Capitalised terms used in this notice, but not defined herein shall have the meaning assigned to such terms in the Offering Circular dated 14 May 2018 relating to the Notes.
Given the current global situation and the impact of COVID-19 on the real estate market, the Bel Air Borrower has received requests for deferral of rental payments from a majority of the tenants of the Bel Air Properties which it wishes to accommodate to support tenants facing financial difficulties and to avoid termination of the leases. The Bel Air Borrower has therefore approached CBRE Loan Services Limited to request that the Bel Air Finance Parties approve the Bel Air Borrower agreeing that the following amendments to the agreements for lease with the relevant tenants will not constitute a breach of the provisions under paragraphs (a) and (b) of clause 23.3 (Leases) of the Bel Air Facility Agreement and waive any right and remedy connected thereto in respect of the proposed amendments (collectively, the Request):
(a)        amounts due for the current quarter (April to June 2020) are amended from quarterly in advance to monthly in arrear;
(b)        amounts due and payable for the month of April are deferred so that they are paid in the fourth quarter (October to December 2020) or, if the lease terminates before the fourth quarter, by the end of December;  and
(c)        amounts due and payable for the month of May and June are paid at the end of May and June (respectively).
The Primary Servicer has agreed to the Request pursuant to the terms of the Servicing Agreement. The Primary Servicer has been provided with cashflows from the Bel Air Borrower showing sufficient cash reserves to cover operational expenses and debt service until the end of December 2020.  The Primary Servicer will continue to monitor the situation closely and assess the impact and performance on a regular basis.
Please direct all enquiries to:  Catherine Sur/Piotr Tokarski, CBRE  Loan Services Limited
Email:catherine.sur@cbre.com /Piotr.tokarski@cbre.com
This Notice is given by:
 
TAURUS 2018-1 IT S.R.L (as Issuer)
The Sole Director
Federico Dal Cin
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.


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