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TEXT-Fitch:No rtg impact on Duncannon CRE CDO I from class A refinancing notes
March 20, 2012 / 12:06 PM / in 6 years

TEXT-Fitch:No rtg impact on Duncannon CRE CDO I from class A refinancing notes

March 20 - Fitch Ratings says that the recent issuance of Class A refinancing notes by Duncannon CRE CDO I plc to replace its revolving credit facility (RCF) will not in itself impact the rating of the existing notes.

As per Condition 19 (a) of the Duncannon CRE CDO I PLC prospectus, the issuer may at any time create and issue further securities with the same terms and conditions as the Class A senior notes (the Class A refinancing notes). The notes will be consolidated and form a single series with, and rank pari passu with the outstanding Class A senior notes. The proceeds of the refinancing notes will be used to repay amounts outstanding with respect to drawings under the RCF.

The issuance of EUR93.5m of the Class A refinancing notes was used to repay the EUR93.5m RCF which no longer exists. The Class A notes balance will increase to EUR240m from EUR146.3m to reflect the Class A refinancing notes issuance.

The RCF ranked pari passu with the Class A notes and consequently the Class A refinancing notes that replace the RCF shared the same rating as the Class A notes on issuance.

The notes are rated as follows:

EUR 2.5m class X: ‘BBsf’; Outlook Stable

EUR 240.0m class A: ‘Bsf’; Outlook Stable

EUR40.0m class B: ‘CCsf’

EUR 40.7m class C-1: ‘Csf’

EUR 20.4m class C-2: ‘Csf’

EUR 21.4m class D-1: ‘Csf’

EUR 21.4m class D-2: ‘Csf’

EUR 21.6m class D-3: ‘Csf’

EUR 22.4m class E-1: ‘Csf’

EUR 22.6m class E-2: ‘Csf’

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