REG - Titan Europe 2006-5 - Notice to Title Holders
RNS Number : 4057TTitan Europe 2006-5 PLC17 July 2020
THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE THE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE SECURITIES IN A TIMELY MANNER. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, IF ANY, THEY SHOULD CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (IF THEY ARE IN THE UNITED KINGDOM) OR ANOTHER APPROPRIATELY AUTHORISED INDEPENDENT FINANCIAL ADVISER AND TAKE SUCH OTHER ADVICE FROM THEIR OWN PROFESSIONAL, TAX AND LEGAL ADVISERS AS THEY DEEM NECESSARY, IMMEDIATELY.
Notice to Noteholders
€330,000,000 Class A1 Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277721618/XS0277724398)
€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277735758/XS0277736301)
€112,300,000 Class A2 Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277725361/XS0277725874)
€61,893,000 Class A3 Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277726500/XS0277727490)
€56,807,000 Class B Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277728381/XS0277729272)
€43,000,000 Class C Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277729439/XS0277731179)
€37,000,000 Class D Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277732144/XS0277732656)
€5,000,000 Class E Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277733548/XS0277733894)
€14,868,755 Class F Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277734199/XS0277734785)€50,000 Class V Commercial Mortgage Backed Floating Rate Notes due July 2019
(XS0277735089/XS0277735329)
(together, the "Notes")
issued by Titan Europe 2006-5 p.l.c. (the "Issuer")
on 19 December 2006
17 July 2020
The Notes are admitted to trading on the regulated market of Euronext Dublin.
The EU Market Abuse Regulation (596/2014) of the European Parliament and of the Council of 16 April 2014 (market abuse regulation) requires disclosure of inside information by or on behalf of the Issuer of any inside information concerning the Notes .
Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Prospectus in relation to the Notes dated 19 December 2006.
The following notice has been prepared by and issued at the request of the Special Servicer. The Issuer has not independently verified the information contained in this notice. Accordingly, the Issuer hereby gives notice of the following in relation to the Quartier 206 Shopping Centre Property (the "Property").
Reference is made to the notice dated 21 May 2020 whereby the Issuer gave notice of the setting of a new auction date to 14 July 2020 (the "Auction") in relation to the forced auction proceedings concerning the part of the Property which has not yet been sold and on which the shopping centre is located (the "Remainder of the Property").
The Auction took place as scheduled. The highest bid in the auction amounted to EUR 240 million and was made by a bidder who represented an entity whose general and limited partners are identical to those of the Quartier 206 Shopping Centre Borrower. The competent legal clerk set 4 August 2020 as the date on which the decision on the award will be announced.
The Special Servicer has requested proof of funds from the highest bidder with a view to ensuring that the bid is substantiated prior to the announcement on 4th August. If the highest bidder's bid is not accepted by the court due to its proven lack of assets, the second highest bidder (with a bid of EUR 237 million) will be awarded on 4th August. If the lack of funds is not proven in the court's opinion, although the highest bidder has not provided proof of funds to the Special Servicer, the Special Servicer has the opportunity to apply for a temporary suspension of the proceedings. In this case a new auction date needs to be set.
Queries may be addressed to the Special Servicer as follows:
Address: Situs International Limited
34th Floor, 25 Canada Square
London E14 5LB
E-mail: CMBSInvestors@situs.com
This notice is given by
TITAN EUROPE 2006-5 PLC
as Issuer
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
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