Amendments To Transaction Documents - Whinstone 2 Capital Management Ltd

Released : 13/11/2015 07:42:00

RNS Number : 6238F
Whinstone 2 Capital Management Ltd
13 November 2015
 

WHINSTONE 2 CAPITAL MANAGEMENT LIMITED

(Incorporated under the laws of Jersey, Channel Islands as a public limited company under registered number 93397)

GBP 80,000,000 Class C1 Floating Rate Credit-Linked Notes due 2055 (XS0255934720)
EUR 129,000,000 Class C2 Floating Rate Credit-Linked Notes due 2055 (XS0255936188)

13 November 2015

The expressions defined in the Credit Default Swap ISDA Master Agreement (together with the Schedule to the Credit Default Swap ISDA Master Agreement and the confirmation relating thereto) dated 20 June 2006 as amended, varied and supplemented from time to time between NRAM plc (formerly known as Northern Rock (Asset Management) plc) ("NRAM") and Whinstone Capital Management Limited shall, except where the context otherwise requires and save where otherwise defined herein, have the same meanings when used herein.

As announced by NRAM today, NRAM and NRAM (No.1) Limited, each a wholly owned subsidiary of UK Asset Resolution Limited have entered into an agreement (the "Agreement") for the sale of (i) a portfolio of mortgage and other loan assets to Cerberus European Residential Holdings B.V. (the "Purchaser") and (ii) the entire issued share capital of NRAM to Landmark Bidco Limited (the "Share Purchaser").  Each of the Purchaser and the Share Purchaser are affiliates of Cerberus Capital Management L.P.

The portfolio of mortgage assets to be sold to the Purchaser comprises mortgage assets that are currently securitised in the Granite Transactions (the "Mortgage Loans").  Certain amendments have been made to the Granite Transaction Documents so as to allow for the sale of such Mortgage Loans and for the proceeds of sale to be applied in the full redemption of notes issued by the Granite Issuers in accordance with their terms.

The completion of the sale of the Mortgage Loans remains subject to the satisfaction of certain conditions precedent.  In the event that the sale occurs as currently envisaged it is expected that the Notes will redeem in full on the Payment Date scheduled to fall on 25 January 2016.

For further information, please contact:

NRAM plc
Croft Road
Crossflatts
Bingley
West Yorkshire
BD16 2UA

Attention:          Neil Vanham
Telephone:        +44 (0) 1274 806 341

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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