Madison Park Funding XIX revises proposed supplement for refinancing

By Sarah Lizee

Olympia, Wash., May 13 – Madison Park Funding XIX, Ltd./Madison Park Funding XIX, LLC further revised its proposed third supplemental indenture relating to the refinancing of four classes of its notes.

According to the notice, the co-issuers are seeking to amend definitions in the indenture relating to the refinancing, including the second refinancing date of May 16.

In addition, the indenture will be amended to provide definitions for the new class A-1-R, A-2-R, B-1 and B-2 notes.

As previously reported, in April Madison Park proposed a revised third supplemental indenture to make some changes to provide for the redemption of the refinancing notes. The co-issuers were seeking to amend the indenture to modify terms used in determination of the collateral quality test.

The co-issuers later received written direction from holders representing the required amount of subordinated notes to redeem some classes of its secured notes from refinancing proceeds.

The following notes will be redeemed on May 16 at par plus accrued interest for the following redemption prices:

• $388,060,767 for the class A-1 notes;

• $69,024,357 for the class A-2 notes;

• $16,061,243 for the class B-1 notes; and

• $14,243,234 for the class B-2 notes.

The class C-R, D-R, E-R and subordinated notes will not be redeemed on the redemption date.

Wells Fargo Bank, NA is the trustee.

New York-based Credit Suisse Asset Management, LLC is the portfolio manager.

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