Opportunities II tenders for numerous note series issued by Taberna

By Susanna Moon

Chicago, March 1 – Opportunities II Ltd. began a tender offer for some notes issued by Taberna Preferred Funding IV, Ltd. and Taberna Preferred Funding IV, Inc.

The tender offer will remain open until 5 p.m. ET on March 31.

The purchase price per $1,000 original principal amount will be as follows:

• Class A-1 first priority delayed-draw senior secured floating-rate notes due May 5, 2036 at $358.98 per original par amount and $735.00 for outstanding par amount;

• Class A-2 second priority senior secured floating-rate notes due May 5, 2036 at $350.00 per original par amount and outstanding par amount;

• Class A-3 third priority senior secured floating-rate notes due May 5, 2036 at $30.00 per original par amount and outstanding par amount;

• Class B-1 fourth priority secured floating-rate notes due May 5, 2036 at $10.00 per original par amount and outstanding par amount;

• Class B-2 fourth priority secured fixed rate notes due May 5, 2036 at $10.00 per original par amount and outstanding par amount;

• Class C-1 deferrable fifth priority secured floating-rate notes due May 5, 2036 at $12.16 per original par amount and $10.00 for outstanding par amount;

• Class C-2 deferrable fifth priority secured fixed/floating rate notes due May 5, 2036 at $12.38 per original par amount and $10.00 for outstanding par amount;

• Class C-3 deferrable fifth priority secured fixed/floating rate notes due May 5, 2036 at $13.33 per original par amount and $10.00 for outstanding par amount;

• Class D-1 deferrable mezzanine secured floating rate notes due May 5, 2036 at $13.75 per original par amount and $10.00 for outstanding par amount;

• Class D-2 deferrable mezzanine secured fixed rate notes due May 5, 2036 at $20.27 per original par amount and $10.00 for outstanding par amount; and

• Class E deferrable subordinate secured floating rate notes due May 5, 2036 at $16.03 per original par amount and $10.00 for outstanding par amount.

The company, along with HH HoldCo Co-Investment Fund, LP and Real Estate Opps Ltd., currently owns about $104,202,000 outstanding principal amount of the class A-1 notes and $16.9 million outstanding principal amount of the class A-2 notes.

The purchase price does not include any interest.

The minimum tender condition states that the offer may be terminated if the company lacks tenders of more than $100 million original principal amount of the class A-1 notes ($48.8 million outstanding principal amount), $16.4 million original principal amount of the class A-2 notes ($16.4 million outstanding principal amount), $13.3 million original principal amount of the class A-3 notes ($13.3 million outstanding principal amount), $54.3 million original principal amount of the class B-1 notes ($54.3 million outstanding principal amount), $4.7 million original principal amount of the class B-2 notes ($4.7 million outstanding principal amount), $30 million original principal amount of the class C-1 notes ($36.5 million outstanding principal amount), $13.3 million original principal amount of the class C-2 notes ($16.5 million outstanding principal amount), $23.3 million original principal amount of the class C-3 notes ($31.1 million outstanding principal amount), $14 million original principal amount of the class D-1 notes ($19.3 million outstanding principal amount), $8.7 million original principal amount of the class D-2 notes ($17.6 million outstanding principal amount) and $16.3 million principal amount of the class E notes ($26 million outstanding principal amount).

There are no withdrawal rights under the terms of the offer.

Questions about the offer may be directed to HoldCo Asset Management, LP (vik@holdcoadvisors.com or 212 785-5567).

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