Last checked at 15 Jan 2015 07:00
KENSINGTON UPDATE - 1A
Thursday, 15 January 2015
Funds managed and/or advised by Blackstone Tactical Opportunities ("Blackstone") and by TPG Special Situations Partners ("TSSP") announce that pursuant to the announcement of 9 September 2014 regarding the agreement to acquire Kensington Group plc ("Kensington") and certain mortgage and financial assets (altogether, the "Transaction Group") from subsidiaries of Investec plc, Kensington plans to execute certain securitisation role transfers and purchase arrangements regarding certain Mezzanine Notes contained within the Transaction Group.
The required anti-trust and regulatory approvals for the sale of Kensington have been received and the sale is expected to close on 30 January 2015.
Subject to the completion of the acquisition and obtaining of necessary consents, Kensington intends to transfer the roles of Auction Agent and Cash/Bond Administrator in the Residential Mortgage Securities 25 plc ("RMS25"), Residential Mortgage Securities 26 plc ("RMS26") and Gemgarto 2012-1 plc ("Gemgarto") securitisations from Investec Bank plc to Kensington Mortgage Company Limited as soon as reasonably practicable.
Kensington has entered into certain purchase arrangements in respect of all of the RMS25 Mezzanine Notes and the RMS26 Mezzanine Notes (the "Mezz Note Purchase Deed"). Pursuant to the Mezz Note Purchase Deed, Kensington has committed to purchasing the RMS25 Mezzanine Notes and the RMS26 Mezzanine Notes if the RMS 25 and RMS 26 securitisations are not called on their respective Step-up Dates of 17 December 2018 (in the case of RMS25) and 14 November 2019 (in the case of RMS26). Although the Mezz Note Purchase Deed has been entered into and executed as of the date of this announcement, the obligations contained therein will be conditional upon and effective only from completion of the Kensington acquisition, expected to occur on 30 January 2015. A copy of the Mezz Note Purchase Deed is attached to this announcement.
Further Information:
For the purposes of this announcement:
"RMS25 Mezzanine Notes" means the £3,700,000 Class A2 Notes ISIN XS0552554742, the £18,300,000 Class M1 Notes ISIN XS0552555046, the £10,100,000 Class M2 Notes ISIN XS0552555558, the £12,400,000 Class B1 Notes ISIN XS0552555806, the £9,500,000 Class B2 Notes ISIN XS0552556283 and the £900,000 Class B3 Notes ISIN XS0552556796.
"RMS26 Mezzanine Notes" means the £24,000,000 Class M1 Notes ISIN XS0825706913, the £14,000,000 Class M2 Notes ISIN XS0825707218, the £8,000,000 Class B1 Notes ISIN XS0825707564 and the £4,000,000 Class B2 Notes ISIN XS0825707648.
http://www.rns-pdf.londonstockexchange.com/rns/2293C_-2015-1-15.pdf
For enquiries:
BlackstoneAndrew Dowler+44 (0)20 7451 4275
TSSPCharlie Harrison+44 (0)20 3772 2579
About Blackstone
Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with almost $300 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone's Tactical Opportunities business employs an opportunistic, multi-asset class investment strategy focused on special situations investments. Tactical Opportunities seeks to invest globally in opportunities throughout the capital structure. The strategy leverages the deep synergies and experience that exist across Blackstone's leading alternative asset and advisory platform to generate attractive opportunities.
About TPG Special Situations Partners
TPG Special Situations Partners ("TSSP") is the dedicated credit and special situations platform of TPG, a leading global private investment firm. TSSP manages over $10 billion and includes the TPG Opportunities Partners, TPG Specialty Lending and TPG Institutional Credit Partners platforms. TSSP has extensive experience with global public and private investments executed through primary originations, secondary market purchases and restructurings.
TPG is a leading global private investment firm founded in 1992 with $66 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. The firm's investments span a variety of industries including financial services, travel and entertainment, technology, energy, industrials, retail, consumer, real estate, media and communications, and healthcare.
For more information visit www.tpg.com
DISCLAIMER
THE ABOVE ANNOUNCEMENT IS A COMMUNICATION TO THE MARKET. NOTHING IN THIS ANNOUNCEMENT CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A PROSPECTUS OR A PROSPECTUS EQUIVALENT DOCUMENT.
THIS ANNOUNCEMENT HAS BEEN DELIVERED TO YOU ON THE BASIS THAT YOU ARE A PERSON INTO WHOSE POSSESSION THIS ANNOUNCEMENT MAY BE LAWFULLY DELIVERED IN ACCORDANCE WITH THE LAWS OF THE JURISDICTION IN WHICH YOU ARE LOCATED AND YOU MAY NOT, NOR ARE YOU AUTHORISED TO, DELIVER THIS ANNOUNCEMENT TO ANY OTHER PERSON. THE DISTRIBUTION OF THIS ANNOUNCEMENT IN JURISDICTIONS OTHER THAN THE UNITED KINGDOM MAY BE RESTRICTED BY LAW AND THEREFORE PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION.