HoldCo CDO Opportunities begins tender offer for SKM-Libertyview notes

By Angela McDaniels

Tacoma, Wash., May 23 - HoldCo CDO Opportunities Fund Ltd. began a tender offer for the outstanding class C fixed-rate notes due April 2011 and class D notes due April 2011 issued by SKM-Libertyview CBO I Ltd. and SKM-Libertyview CBO I Corp., according to a company news release.

The offer only applies to class C notes with the Cusip number 784407AF5 ad class D notes with the Cusip number 78440MAG0/G81795AB5.

For each $1,000 outstanding principal amount of notes, the company is offering $965.00 for the class C notes and $23.57 for the class D notes. Both prices are without interest.

In addition, holders who tender by 5 p.m. ET on May 30 will receive an early tender premium of $20.00 for each $1,000 outstanding principal amount of class C notes and $11.79 for each $1,000 outstanding principal amount of class D notes.

The purchase price and early tender premiums, as applicable, will be reduced dollar-for-dollar by any amounts received by the noteholders during the offer. In addition, any amounts received by a tendering holder on account of tendered notes after the offeror has accepted the tendered notes will be held by such holder in trust for the offeror and promptly paid to the offeror.

The offer will expire at 5 p.m. ET on June 23.

The offer is subject to some conditions, but it is not subject to any financing condition.

The issuers originally issued $9 million principal amount of class C notes and $16.5 million principal amount of class D notes. The outstanding principal amount as of May 15 is $8,142,347 for the class C notes and $34,999,583 for the class D notes.

The outstanding principal amount of class D notes includes $18,499,583 of deferred interest that is not payable until certain conditions are met.

HoldCo CDO said it currently owns $3 million original principal amount (i.e., one-third) of the class C notes and acquired those notes in April for a price of $863.54 per $1,000 outstanding principal amount without interest.

The information agent and tender agent is BMC Group, Inc. (212 310-5922 or SKM@bmcgroup.com).

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