Press release DMPL VI B.V.
Euro 750,000,000 floating rate Senior Class A Mortgage-Backed Notes 2009 due 2041
(the "Existing Senior Class A Notes")
Euro 33,000,000 floating rate Subordinated Class B Notes 2009 due 2041
(the “Existing Subordinated Class B Notes”, and together with the Existing Senior Class A Notes, the "Existing Notes")
RE: Modifications to the Existing Senior Class A Notes and Existing Subordinated Class B Notes and certain other matters
The Issuer wishes to announce:
On 23 August 2010 (the "New Closing Date"), the Existing Senior Class A Notes will be partially redeemed and modified to be the 653,100,000 floating rate Senior Class A Mortgage-Backed Notes 2009 due 2041 (the "Senior Class A Notes") Error! Bookmark not defined. , and the Existing Subordinated Class B Notes will be partially redeemed and modified, to be the Euro 4,147,932 floating rate Subordinated Class B Notes 2009 due 2041 (the "Subordinated Class B Notes"), as further set out below.
On 23 August 2010 (the "Effective Date"), the interest on the Notes will (in respect of the Senior Class A Notes and the Subordinated Class B Notes) continue to accrue at an annual rate by reference to the Euro Interbank Offered Rate ("Euribor") plus a margin per annum, however the margin will for the Senior Class A Notes and the Subordinated Class B Notes be amended as of the Quarterly Payment Date falling in July 2010, and the margin will be equal to (a) up to but excluding the Quarterly Payment Date falling in October 2015, (i) for the Senior Class A Notes, 1.26 per cent., (ii) for the Junior Class M Notes, 0.50 per cent.; and (iii) for the Subordinated Class B Notes, 0.50 per cent., and (b) on the Quarterly Payment Date falling in October 2015 and on any Quarterly Payment Date thereafter, for the Senior Class A Notes, 2.52 per cent. (ii) for the Junior Class M Notes, 1.00 per cent.; and (iii) for the Subordinated Class B Notes, 1.00 per cent.
The Issuer will on the Effective Date issue an information memorandum including its annexes (the "Information Memorandum") describing the modifications made to the transaction (the "2009 Transaction") as disclosed in the prospectus dated 6 February 2009 (the "2009 Prospectus") issued in connection with the Existing Notes, including, but not limited to the Conditions (as defined therein) and certain of the Relevant Documents (as defined therein) (which include (i) the issue of the Junior Class M Mortgage-Backed Notes 2010 due 2041 on the New Closing Date and (ii) modifications to the interest rate applicable to the Existing Notes as of the Quarterly Payment Date falling in July 2010). In addition, the Information Memorandum updates certain information disclosed in the 2009 Prospectus in relation to the 2009 Transaction as of the Effective Date, including, but not limited to the sections Risk Factors, Credit Structure, Dutch Residential Mortgage Market, Achmea Hypotheekbank N.V., Description of the Mortgage Loans and The Issuer. The modifications, redemption and issue were initiated and sanctioned by an Extraordinary Resolution of the Noteholders of each of the Existing Notes dated on or about 20 August 2010.
A copy of the Information Memorandum will be available (free of charge) (i) (in print) at the registered office of the Issuer, the Security Trustee and the Paying Agent and (ii) on the website of the Issuer www.atccapitalmarkets.com .
On the New Closing Date, the Issuer will issue the euro 38,000,000 floating rate Junior Class M Mortgage-Backed Notes 2010 due 2041 (the "Junior Class M Notes") which will not be listed or admitted to the official list of the Irish Stock Exchange and will not be traded on its regulated market or any other regulated market or exchange on the New Closing Date. The proceeds of the issue of the Junior Class M Notes plus an amount equal to euro 224,422 will be applied towards the redemption of part of the Existing Senior Class A Notes on the New Closing Date. As a consequence, the Principal Amount Outstanding of the Existing Senior Class A Notes will on the New Closing Date be decreased by an amount equal to euro 38,224,422 and the Principal Amount Outstanding of the Senior Class A Notes will be euro 653,100,000. In addition, part of the Existing Subordinated Class B Notes will be redeemed on the New Closing Date by means of the application of an amount standing to the balance of the Reserve Account equal to euro 26,074,267 in connection with an amendment of the definition of "Reserve Account Required Amount", after which the Principal Amount Outstanding of the Subordinated Class B Notes will be euro 4,147,932 .
On the New Closing Date, Moody's Investors Limited will assign an "Aaa(sf)" rating to the Senior Class A Notes and S&P will affirm the current rating of "AAA" of the Senior Class A Notes. The Junior Class M Notes and the Subordinated Class B Notes will not be rated.
ATC Financial Services B.V. will on the Effective Date replace Achmea Hypotheekbank N.V. in its capacity as issuer administrator under the administration agreement dated 6 February 2009 and will as such agree to provide, inter alia, certain administration, calculation and cash management services for the Issuer, including without limitation, all calculations to be made pursuant to the Conditions in connection with the Notes.
Achmea Hypotheekbank N.V. in its capacity as seller has in a receivables proceeds distribution agreement dated 28 May 2010 undertaken to direct debit all amounts of principal and interest in respect of the Mortgage Receivables (as defined therein) to the bank accounts maintained by the bankruptcy remote foundation ("stichting") Stichting Incasso Achmea Hypotheken (the "Collection Foundation"). Upon receipt thereof, the Collection Foundation shall distribute to the Issuer or, after the Enforcement Date (as defined therein), to the Security Trustees (as defined therein) any and all amounts relating to the Mortgage Receivables received by it.
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Enquiries: Dutch Mortgage Portfolio Loans VI B.V. The Director E-mail: securitisation@atcgroup.com Phone: +31(0)20577 1177 |
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