Tahiti Finance seeks noteholder consent to make interest payment early

By Angela McDaniels

Tacoma, Wash., June 11 - Tahiti Finance plc is asking the holders of its £323.7 million of class A secured floating-rate notes due 2015, £95.4 million of class B secured floating-rate notes due 2015 and £115.9 million of class C secured floating-rate notes due 2015 to approve an extraordinary resolution, according to filings with the London Stock Exchange.

Noteholders will vote on the extraordinary resolution at meetings on July 3. The meeting time is 5 a.m. ET for the class A noteholders, 5:15 a.m. ET for the class B noteholders and 10:30 a.m. ET for the class C noteholders.

On May 23, the borrower prepaid all amounts outstanding under the term loans into the issuer accounts. The loan repayment date occurred three days after the note payment date falling on May 20. The next note payment date is Aug. 20. The interest due is estimated to be £920,667.54 for the class A notes, £577,303.56 for the class B notes and £786,961.00 for the class C notes.

The company said that because of the roughly three-month gap between the loan repayment date and the next note payment date, there will be an estimated shortfall between the amount received in interest from the borrower and the amounts to be paid to the class A noteholders of £805,164.73, and no funds will be available to be paid to the class B and class C noteholders.

At the request of some of the noteholders, the issuer is therefore asking to designate an extraordinary note payment date in order to mitigate the extent of the shortfall. The extraordinary note payment date would be five business days after the extraordinary resolution is passed.

The extraordinary resolution must be passed by the holders of each class of notes in order to become effective.

At each meeting, a quorum is required of two or more people holding or representing two-thirds of the outstanding notes of the relevant class.

The principal paying agent is Citibank NA (contact PPA claims by fax at 353 1622 2212). The Irish paying agent is Citibank International plc (contact PPA claims by fax at 353 1622 2212). The tabulation agent is Citibank NA, London Branch (contact exchange team at exchange.gats@citi.com or +44 (0)20 7508 3867).

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