Due to the high interest from institutional investors the order book for both
tranches exceeded in aggregate EUR 4 bn.
Profit payments on the
Tranche A Sukuk are covered by lease payments from TM while the principal redemption will be met via proceeds from either refinancing, repurchase by TM or the disposal of the Properties in the open market.
The three properties sold in
tranche II were 6800 and 6900 Jericho Turnpike, a 207,583 s/f and a 100,989 s/f building, respectively, located on Long Island, and 710 Bridgeport Avenue, a 452,414 s/f building, located in Fairfield County, Connecticut.
PAC
tranches use a mechanism similar to a "sinking fund" to establish a fixed principal payment schedule that directs cash-flow irregularities caused by faster- or slower-than-expected prepayments away from the PAC
tranche and toward another "companion" or "support"
tranche (see below).
Previously the Bank delayed the authorization of the fourth
tranche of the MFF of 2007 by the Board of Directors from 22 June 2012 for 22 June 2013.
The transaction has been structured to be completed in three
tranches.
Therefore, Fitch expects to see negative rating pressure as well as principal impairments on exposed
tranches rated 'CCC' and below.
Previously the Bank delayed authorization of the fourth
tranche of MFF of 2007 by the Board of Directors from 22 June 2012 for 22 June 2013.
Tranche A's note rate is LIBOR + 500 basis points, with a LIBOR floor of 1.
For a multiple
tranche series, class A or B notes can be offered only to the extent that the required subordinated amount is outstanding.
The Convertible Notes are unlisted and were issued by BOQ in three
tranches of A$60 million (
Tranche 1 Notes ), A$45 million (
Tranche 2 Notes ) and A$45 million (
Tranche 3 Notes ).
and RBS Greenwich Capital acting as the co-managers for the Class A
tranche and Credit Suisse acting as co-manager on the Class B
tranche.
