Breeze Finance bond guarantor MBIA seeks to form bondholder group

By Angela McDaniels

Tacoma, Wash., Sept. 12 - The holders of Breeze Finance SA's class A, class B and class C guaranteed secured bonds due 2027 are being asked to identify themselves to MBIA UK Insurance Ltd. so they can participate in discussions about the company's debt and potential solutions.

MBIA UK is the financial guarantor of the class A bonds. It noted that in December 2010, Standard & Poor's said, "We believe that Breeze Three might need to approach the C-bond holders and possibly the B-bond holders and seek a debt-to-equity swap to avoid qualifying as over-indebted in 2013."

Custodians, beneficial owners and financial advisers are asked to identify themselves no later than Sept. 16 by contacting Maria Baxter of Bondholder Communications Group (mbaxter@bondcom.com) in New York at 212 809-2663 or in London at 44 207 382 4580. Documentation can be found at www.bondcom.com/MBIAid.

Breeze Finance is a Luxembourg-based special-purpose finance vehicle for the Breeze Three wind power partnership, which consists of 45 wind farms located in Germany and France. It is a subsidiary of Unicredit Group, a banking group based in Milan.

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