Ad hoc Fairhold group snubs Clifden’s tender for class A, B floaters

By Susanna Moon

Chicago, April 30 – An ad hoc group of Fairhold Securitisation Ltd.’s £413.7 million of class A secured floating-rate notes due 2017 and £29.8 million of class B secured floating-rate notes due 2017 said that none of them will take part in the tender offer being run by Clifden IOM No.1 Ltd.

Clifden began tendering for the notes on Feb. 20, amended the terms on March 21 and is set to run the offer until noon ET on May 18.

“With the addition of new members to the ad hoc group, the supportive noteholders and the enhanced level of control, the ad hoc group is optimistic that progress can be made,” according to an announcement on Monday.

Together, the ad hoc group holds about 60% of the class A notes, more than 75% of the class B notes and 100% of the tranche C notes and I3 note HAS, the group said.

As a result, the ad hoc group now includes funds advised by Angelo, Gordon & Co., LP, by Avenue Europe International Management, LP, by CVC Credit Partners Investment Management Ltd. and by Hayfin Capital Management LLP.

The ad hoc group and its advisers “are actively pursuing further plans and considering all options including enforcement. As part of these plans, it is anticipated that some or all of the ad hoc group may go private and become restricted from trading at the relevant time in the future,” the release noted.

The ad hoc group also is holding “close and regular dialogue with a number of other sizable class A noteholders who are supportive of the ad hoc group's approach” and together they hold more than 80% of the class A notes, the release added.

For questions, contact glen.cronin@rothschild.com or +44 20 7280 5506, richard.tett@freshfields.com or +44 20 7832 7627, simon.lalande@rothschild.com or +44 20 7280 1589 or christopher.barratt@freshfields.com or +44 20 7832 7101.

Tender offer by Clifden

As amended, the early tender deadline was noon ET on March 28, extended from March 2.

For class A notes tendered after the early deadline, the purchase price was amended to read 1%.

Originally, the purchase price was 40% with an early tender premium of 20%.

For the class B floaters, the purchase price will be 1% with an early tender premium of 4%.

Clifden is making the offer “to establish a holding” for each series of notes, according to a previous notice.

Morrow Sodali Ltd. (+44 20 3879 5462 or fairhold@morrowsodali.com) is the tender agent.

Fairhold Securitisation is incorporated in the Cayman Islands.

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