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7 Aug 2009 17:16
Company Announcement
CLARIS IV LIMITED (the "Issuer")
22 Grenville Street St. Helier Jersey JE4 8PX
7 August 2009
Amendments in respect of Claris IV Limited Series 28 Class II-A USD 8,500,000 Credit Linked Floating Rate Notes due 2042 (ISIN: US18060LAK89), Series 28 Class II-B USD 68,500,000 Credit Linked Floating Rate Notes due 2042 (ISIN: US18060LAL62) and Series 28 Class II-C USD 271,534,146 Credit Linked Floating Rate Notes due 2042 (ISIN: US18060LAM46) (the "Notes") issued pursuant to its Secured Transaction Programme
The Issuer hereby wishes to announce the following changes to the terms of the Notes pursuant to an amended and restated supplemental trust deed dated 24 June 2009 (the "Amended and Restated Supplemental Trust Deed"):
The nominal amount of the Notes is not being changed. The aggregate notional exposure previously represented by the Class I-A, I-B and I-C Swaps relating to the Notes remains unchanged following the amendment when adjusted for amortization and accretion, but is now tranched across four swaps, including a new Class I-D Swap.
All four Swaps and the Default Swap underlying the Notes now contain only Floating Amount Events and do not contain Credit Events or a physical settlement option from the effective date of the amendment and re-tranching.
Various other conforming amendments and changes have been made to the Notes, the Swaps and the Default Swap in connection with the foregoing as more fully set forth in the Offering Circular Supplement relating to the Notes as approved by the Financial Regulator on 15 October 2008 (the "Offering Circular Supplement").
In connection with the foregoing, at the request of the Issuer and the Noteholder, the Class II-A and Class II-B Notes will no longer be rated by DBRS, Inc. and the ratings on the Class I-A, I-B and I-C Swaps may decline.
Each credit default swap (including the Default Swap) entered into in connection with the Notes is being novated from Société Générale, New York Branch to Société Générale. The Swap Counterparty for the purposes of the Notes will, therefore, change from Société Générale, New York Branch to Société Générale.
Any principal proceeds or other proceeds or amounts available to pay principal that have been applied in the payment of interest with respect to the Reference Obligation ("Applied Principal") will not be treated as interest for the purpose of determining whether or not an Interest Shortfall has occurred under the Default Swap.
Applied Principal will be included in the calculation of the Aggregate Tranche Amortisation Amount with respect to the Notes.
100% Noteholder consent has been granted for such amendments and a copy of the Amended and Restated Supplemental Trust Deed and the amended and restated offering circular supplement dated 24 June 2009 (the "Amended and Restated OCS") is available free of charge at the offices of the Issuer and the Paying Agent in Ireland. The Amended and Restated Supplemental Trust Deed and the Amended and Restated OCS are both effective as of 24 June 2009.
Capitalised terms used but not defined herein shall have the meaning given to them in the terms of the Notes.
For further information please contact:
The Directors
Claris IV Limited22 Grenville Street St. Helier Jersey JE4 8PX
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
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