North Westerly asks to cut redemption price of class D-1 deferrables

By Susanna Moon

Chicago, March 24 – North Westerly CLO II BV issued meeting notices to holders of its class C deferrable interest floating-rate notes, class D-1 deferrable interest fixed-rate notes, class D-2 deferrable interest floating-rate notes and subordinated notes class R combination notes.

The meetings will be held on April 18 in London beginning at 5 a.m. ET.

The issuer is proposing to amend the notes in order to be able to redeem the class D-1 deferrable interest fixed-rate notes, according to a notice by NIBC Bank NV, formerly NIB Capital Bank NV, as the collateral manager.

Specifically, the issuer is asking to reduce the redemption price of the class D-1 deferrable interest fixed-rate notes to the amount of the funds available to the issuer for the redemption.

The subordinated noteholders may require the issuer to redeem the notes using proceeds of a liquidation or realization of the collateral on specified redemption dates.

One of the conditions to the redemption, however, is that the expected proceeds of the liquidation or realization be equal to or more than the amount payable on the proposed redemption date.

The collateral manager expects those proceeds to be insufficient to satisfy the redemption price of the class D-1 deferrable interest fixed-rate notes on the redemption date after making all payments that rank in priority to them.

In other business, the issuer noted that it had redeemed all of its class A senior floating-rate notes, class B-1 deferrable interest fixed-rate notes and class B-2 deferrable interest floating-rate notes.

Also, it had “decoupled” its class Q combination notes, class S combination notes, class T combination notes, class U combination notes, class V combination notes, class W combination notes and class X combination notes.

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