REG - Audacia Cap (Ire) - MAR Notice
MARKET ABUSE REGULATION ANNOUNCEMENT
Audacia Capital Ireland plc (the "Issuer")
Capital Innovative Finance 9% Fixed Rate Bond 2018 Notes
(ISIN: IE00BF4NB849) ("Series 3")Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "Market Abuse Regulation") requires disclosure of inside information relating to the Issuer and the Notes. This announcement contains insidec information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulation.
Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Listing Particulars in relation to the and Series 3 Notes dated 29 July 2019.
Default of Securitization Bonds
The Collateral Obligor for the Series, Capital Innovative Finance Limited, have informed the Issuer that it is unable to continue to service the Securitization Bonds held by the Issuer. The Collateral Obligor is now in arrears with its payments under the Securitization Bonds, which constitutes a default under the terms of the Securitization Bonds. Two debtors of the Collateral Obligor, Mederco Edinburgh Limited and Capital Bridging Finance Solutions Limited, are now in administration and both have higher ranking creditors than the Collateral Obligor, which have imposed the administration process.
Deferral of Interest
Please note that, pursuant to the terms of the Series 3 Notes, a default of the Securitization Bonds for the Series does not constitute an Event of Default in respect of the Series 3 Notes. Non-payment of interest amounts due and payable on the Series 3 Notes as a result of the insufficiency of available funds will not constitute an Event of Default in respect of the Series 3 Notes. To the extent that interest payments on the Series Notes are not made on the relevant Payment Date, such unpaid interest will be deferred and with effect from, and including, such Payment Date, interest will accrue on such unpaid amount at the rate of interest applicable to such Notes and will be paid as part of the Payment Amount on the next Payment Date to the extent that sufficient funds are available to do so in accordance with the Priorities of Payments. Any such accrued interest that remains unpaid on any Payment Date will itself be deferred and interest will accrue thereon and be payable in accordance with the foregoing.
IMPORTANT NOTICE
These materials are not intended to and do not constitute investment advice. These materials do not constitute or form any part of and should not be constructed as an offer or commitment to sell or issue, a solicitation, recommendation, commitment or invitation to subscribe for, underwrite or otherwise acquire, and should not be construed as an advertisement for, any securities of the Issuer or any member of its group in any jurisdiction or an inducement to enter into investment activity in any jurisdiction.
CONTACT
For additional information, please contact the Directors of Audacia Capital (Ireland) plc at 31-32 Leeson Street Lower, Dublin 2, Ireland.
Date of this disclosure: 20 July 2020
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
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