The potential takeover bid for the U.K. outsourcing group Mapeley by U.S. hedge fund Fortress, its majority shareholder, will have no impact on CMBS that are backed by borrowers with Mapeley as their sponsor, Fitch Ratings said last week. Fitch said that the takeover approach coincides with the property company's need to refinance about £260 million ($515.5 million)of its debt before the end of April and the recent bid by Fortress was worth roughly £250 million. "In most cases, a sponsor of a loan must approach the relevant facility agent if it becomes subject to a change of control," Fitch analysts said. "Such a loan, including accrued interest and any amounts payable under the loan documents, might become immediately due and payable, either on demand by the agent or automatically." The relevant transactions are: DECO 6 - UK Large Loans 2 plc, DECO 8 Series 2006-UK Conduit 2 plc, DECO 11 Series 2006-UK Conduit 3 plc, European Loan Conduit No. 22 and Taurus CMBS (UK) 2006-2 plc. Mapeley focuses on the acquisition, ownership and management of a diverse portfolio of commercial properties, primarily let to government and strong credit quality tenants. The firm currently owns and actively manages a property portfolio of over £2.2 billion. -- NC
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
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Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23