Company name ELM BV
Headline Notice to Noteholders


RNS Number : 8333N
ELM BV
11 August 2017
 

11 August 2017

ELM B.V. (the ''Issuer'')

                                               

Notice of Principal Reduction Amount: Deco 6 -- UK Large Loan 2 plc

ELM B.V. Series 41 EUR 200,000,000 Floating Rate Credit Linked Secured Notes due 2056 (ISIN: XS0247902587) (the "Notes")

Notice is hereby given that on 10 August 2017 the Issuer delivered a Notice of Principal Reduction Amount in relation to Deco 6 -- UK Large loan 2 plc in respect of the Notes, a conformed copy of which is annexed hereto.    

For and on behalf of

ELM B.V.

Prins Bernhardplein 200
1097 JB Amsterdam
The Netherlands

Attn:     The Managing Director          
Fax:     +31 20 521 4832
Tel:      +31 20 521 4838

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 



Conformed Copy

 

To:        The holders of the Notes

To:        UBS AG, London Branch as Calculation Agent

5 Broadgate

London EC2M 2QS

Attn:     Securitised Derivatives Calculation Agent

Email:   SH-Ops-Structured@ubs.com

 

The Law Debenture Trust Corporation p.l.c.

Fifth Floor

100 Wood Street

London EC2V 7EX

Facsimile No: +44 (0) 20 7606 0643

Attention: The Manager, Commercial Trusts

 

10 August 2017

ELM B.V. Series 41 EUR 200,000,000 Floating Rate Credit Linked Secured Notes due 2056 (ISIN: XS0247902587) (the "Notes")

NOTICE OF PRINCIPAL REDUCTION AMOUNT

DECO 6 --  UK LARGE LOAN 2 PLC

 

Reference is made to the Notes. Any capitalised term not otherwise defined in this notice will have the meaning, if any, assigned to such term in the terms and conditions of the Notes. Reference is made to the (1) Credit Event Notice and Notice of Publicly Available Information in respect of Deco 6 -- UK Large Loan 2 plc ("Deco") dated 21 April 2016 giving notice of the Credit Event in respect of Deco and (2) the Notice of Valuation Obligations in respect of Deco dated 4 May 2016, previously delivered by us to you in respect of the Notes. The Credit Event Determination Date in respect of Deco was 21 April 2016.

 

The Class A2 Notes issued by Deco (ISIN: XS0235683223) (the "Deco Notes") matured on 27 July 2017, being the legal maturity date of the Deco Notes, and no cash proceeds were paid on maturity.

 

EUR 778,919 cash proceeds were distributed in respect of the Deco Notes prior to 27 July 2017 and after the Credit Event Determination Date. The Final Price, expressed as a percentage of the Credit Exposure Amount (being EUR 3,660,321) is equal to 21.28007%.

 

The Principal Reduction Amount in respect of the above Credit Event and the Credit Event Determination Date is EUR 2,881,402, being an amount equal to the product of the Credit Exposure Amount and the Credit Loss Percentage.

 

Where:

 

Credit Exposure Amount is EUR 3,660,321; and

Credit Loss Percentage is 78.71993%, being an amount calculated as 100% minus the Final Price.

 

The Aggregate Nominal Amount of the Notes following the occurrence of the above Credit Event is EUR 81,118,598.

 

No deferred interest is payable following the calculation of the Principal Reduction Amount.

 

Nothing in this letter shall be construed as a waiver of any rights that we may have with respect to the Notes.

Yours sincerely

 

SIGNED for and on behalf of

ELM B.V., having its seat (zetel) in Amsterdam, the Netherlands.

 


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