REG - TrainerWorthamCBOV - Trainer Wortham V - Notice of Results of Auction

Frontage HoldingsAnnouncement

24/06/2020 09:25

RNS Number : 9219Q
  
Trainer Wortham CBO V Ltd
  
24 June 2020
  
 

Corporate Trust Services 
9062 Old Annapolis Road, 
Columbia, MD 21045-1951 
MAC: R1204-010 
 
 
 
NOTICE OF RESULTS OF AUCTION CONDUCTED  
PURSUANT TO SECTION 4.05 OF THE SECURITY AGREEMENT 
 
TRAINER WORTHAM CBO V LTD. 
             
To:  Holders of Notes and Preference Shares 
Additional parties on Schedule A 
 
WELLS FARGO BANK, NATIONAL ASSOCIATION ("Wells Fargo"), serves as 
Collateral Agent (the "Collateral Agent") pursuant to that certain Security Agreement (the "Security Agreement") dated as of November 30, 2004 among Trainer Wortham CBO V Ltd., as Issuer (the "Issuer"), Trainer Wortham CBO V, Corp., as Co-Issuer (the "Co-Issuer, and together with the Issuer, the "Co-Issuers"), U.S. Bank National Association (formerly HSBC Bank USA, National Association) as Notes Trustee, Trainer, Wortham & Company, Incorporated, as Collateral Manager and the Collateral Agent.  Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such terms in the Security Agreement. 
I.          Notice to Nominees and Custodians. 
 
 If you act as or hold Notes as a nominee or custodian for or on behalf of other persons, please transmit this notice immediately to the beneficial owner of such Notes or Preference Shares or such other representative who is authorized to take actions.  Your failure to act promptly in compliance with this paragraph may impair the chance of the beneficial owners on whose behalf you act to take any appropriate actions concerning the matters described in this notice. 
 
II.        Notice of Results of Auction Conducted Pursuant to Section 4.05(e) of the 
Security Agreement 
 
Notice is hereby given that the Auction was conducted in accordance with Sections 4.05(e) and Annex F of the Security Agreement.  The Collateral Agent was unable to sell the Portfolio Collateral at the Auction because it did not receive bids that would result in sale proceeds from the sale of the Portfolio Collateral that, together with the Balance of all Permitted Investments and Cash in the Accounts, would be at least equal to the Auction Call Redemption Amount.  Consequently, an Auction Call Redemption will NOT occur on the July 6, 2020 Payment Date. 
 
You are further notified that pursuant to Section 4.05(e) of the Security Agreement, the Collateral Agent shall conduct an Auction prior to each subsequent Payment Date until the Notes are redeemed in full.  
 
 
On each subsequent Auction Date, the Collateral Agent shall sell the Portfolio Collateral on the Auction Date only if the sale would result in sale proceeds, together with the Balance of all Permitted Investments and Cash in the Accounts, greater than or equal to the Auction Call Redemption Amount;  provided that Holders of 100% of the Aggregate Principal Amount of any Class of Notes or holders of 100% of the Preference Shares may elect to receive less than 100% of the portion of the sale proceeds from the Portfolio Collateral and the Balance of Permitted Investments and Cash in the Accounts that would otherwise be payable to Holders of such Class or the Preference Shares, respectively and in either such case, the Auction Call Redemption Account shall be reduced accordingly.   
If you are a Holder of Notes or Preference Shares and wish to elect to receive less than 
100% of the portion of the sale proceeds from the Portfolio Collateral and the Balance of Permitted Investments and Cash in the Accounts that would otherwise be payable on the Payment Date following the Auction Date, and thereby reduce the Auction Call Redemption Amount, please contact the Collateral Agent at least 15 Business Days prior to any subsequent Payment Date at: 
Wells Fargo Bank, National Association 
9062 Old Annapolis Road 
Columbia, Maryland 21045 
Attn:   CDO Trust Service - Trainer Wortham First Republic CBO V Ltd. Fax: 866-403-9501 
Email:  karen.taylor@wellsfargo.com 
You may direct questions to the attention of Karen Taylor by telephone at 410-884-2149, by e-mail at karen.taylor@wellsfargo.com, by facsimile at 866-403-9501, or by mail addressed to Wells Fargo Bank, National Association, Corporate Trust Department, Attn.: Karen Taylor, MAC R1204-010, 9062 Old Annapolis Road, Columbia, MD 21045-1951. 
The Collateral Agent may conclude that a specific response to particular inquiries from individual holders of Notes or Preference Shares is not consistent with equal and full dissemination of material information to all holders of Notes or Preference Shares.  Holders of Notes or Preference Shares should not rely on the Collateral Agent as their sole source of information. The Collateral Agent makes no recommendations and gives no investment advice herein or as to the Notes or Preference Shares generally. 
Dated: June 23, 2020
                                                                                                                WELLS    FARGO    BANK,    NATIONAL 
ASSOCIATION, as Collateral Agent  
 
 
 
Schedule A 
 
Holders of Notes and Preference Shares: 89288FAA0, 89288FAB8, 89288FAC6, 89288FAD4, 89288FAE2, G8993FAA9, G8993FAC5, G8993FAE1, 89288E303 
 
Issuer:  
Trainer Wortham CBO V Ltd. 
c/o Intertust SPV (Cayman) Limited 
190 Elgin Avenue  
George Town,  
Grand Cayman KY1-9005,  
Cayman Islands 
Attention: the Directors 
Telecopy no. 345-945-4757 
 
Co-Issuer:  
Trainer Wortham CBO V Corp. c/o Puglisi and Associates 850 Library Avenue, Suite 200 
Newark, Delaware 19711 
Facsimile: 302-738-7210 
Attention: Donald J. Puglisi 
 
Rating Agencies:  
Moody's Investors Service 
7 World Trade Center 
250 Greenwich Street 
New York, New York 10007 
Attn: CDO Monitoring Facsimile No.: 212-553-0355 
e-mail: cdomonitoring@moodys.com 
 
Standard & Poor's 
55 Water Street, 41st Floor 
New York, New York 10041-0003 
Fax: (212) 438-2664 
Attention: CBO / CLO Surveillance 
E-mail: CDO_Surveillance@sandp.com 
 
Collateral Manager 
Trainer, Wortham & Company 
1230 Avenue of the Americas 
New York, New York 10022 
Facsimile: (212) 826-2198 Attention: John Knox Notes Trustee 
U.S. Bank National Association 
100 Wall Street, Suite 1600 
New York, New York 10005 
Facsimile: (212) 809-4993 
Attention: Corporate Trust Group 
 
Irish Listing Agent and the Note Paying Agent in Ireland: 
NCB Stockbrokers Limited 
3 George's Dock, 
International Financial Services Centre 
Dublin 1, Ireland 
Facsimile: (353) 1 611 5998 
Attention: Joanne McEnteggart 
 
 
Swap Counterparty and Cap Provider: 
Bank of New York 
Swap and Derivatives Products Group 
Treasury Division 
32 Old Slip, 15th Floor 
New York, New York 10286 
Telephone: (212) 635-1105 
Facsimile: (212) 635-1958 
Telex No.: TRT17763 
Answerback: BONY 
Attention: Stephen Lawler, Senior Vice President 
 
Irish Stock Exchange: 
The Company Announcements Office 
The Irish Stock Exchange 
28 Anglesea Street 
Dublin 2 Ireland 
 
 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
 
 
 
 


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