SunriseMezz hereby informs investors regarding the Bonds it holds and the Information Memorandum that, in accordance with the terms governing them, the Bonds are redeemed either at maturity or earlier upon the occurrence of specific events, including, but not limited to, redemption due to a change in the regulatory framework, due to a change in legislation, and for tax reasons.
With regard to any rights of the Bondholders to early repayment, it is noted that the Issuer1 shall proceed with the early repayment of all Series of Bonds in their entirety (and not in part), provided that it is instructed to do so by an Extraordinary Resolution of the holders of the Medium Seniority Bonds (i.e., the holders of Series B1 and Series B2 Bonds, respectively), to proceed with the repayment of the Bonds of all Series by paying the corresponding Early Repayment Amount (the “Early Repayment upon Exercise of the Right of the holders of the Medium Seniority Bonds (Series B)”).
This early redemption of the Bonds is triggered upon the exercise of the right of the holders of the Medium-Ranked Bonds (Series B) by means of an Extraordinary Resolution, which is adopted by a majority of at least 75%, without there being any unilateral right of early repayment arising independently and separately from either the Series B1 Bonds or the Series B2 Bonds.
It should be noted that the Company holds 44% of the Medium Seniority Bonds (corresponding to 95% of the Series B2 Bonds) and 44% of the Subordinated Bonds (corresponding to 95% of the Series C2 Bonds) in each of the Sunrise I and Sunrise II securitization transactions.
The aforementioned Early Redemption upon exercise of the Right by the holders of the Medium Seniority Bonds (Series B) is carried out by the Issuer subject to confirmation that there are sufficient cash reserves to repay the Bonds of all Series in their entirety (and not in part) by paying the corresponding Early Redemption Amount, as well as the payment of all amounts payable either in priority to or on a pari passu basis with the Bonds in accordance with the relevant Waterfall Schedule, as described in the Company’s Annual Report and Financial Statements.
On any payment date, the Early Repayment Amount with respect to the High Seniority Bonds (Series A) corresponds to the outstanding Principal Amount plus unpaid accrued interest, with respect to the Medium Senior Notes (Series B) is equal to the sum of (a) the Coverage Amount reduced by the principal payments made on the Bonds of this Series since their Issue Date, with a minimum balance of zero, and (b) any unpaid accrued interest, and with respect to the Subordinated Bonds (Series C) is equal to the sum of the Coverage Amount reduced by the principal payments made on the Bonds of this Series from their Issue Date, with a minimum balance of zero.
The Coverage Amount is the total gross amount paid to the respective Issuer for each of the aforementioned Series of Bonds upon their issuance (initial coverage amount). The sum of the Early Redemption Amount for the Bonds of each Series constitutes the minimum amount of money that the Issuer must have available to trigger Early Redemption upon exercise of the Right by holders of Medium-Rank Bonds (Series B).
The Coverage Amounts and the amounts of unpaid accrued interest corresponding to the Bonds held by the Company are set forth below:
Phoenix Vega Mezz’s announcement
The Company informs investors regarding the Bonds it holds and the Information Memorandum that, in accordance with the terms governing them, the Bonds are redeemed either at maturity or earlier upon the occurrence of specific events, including, but not limited to, cases of redemption due to a change in the regulatory framework, due to a change in legislation, and for tax reasons.
With regard to any rights of the Bondholders to early repayment, it is noted that the Issuer1 shall proceed with the early repayment of all Series of Bonds in their entirety (and not in part), provided that it is instructed to do so by an Extraordinary Resolution of the holders of the Medium Seniority Bonds (i.e., the holders of Series B1 and Series B2 Bonds, respectively), to proceed with the repayment of the Bonds of all Series by paying the corresponding Early Repayment Amount (the “Early Repayment upon Exercise of the Right of the holders of the Medium Seniority Bonds (Series B)”).
This early redemption of the Bonds is triggered upon the exercise of the right of the holders of the Medium-Ranked Bonds (Series B) by means of an Extraordinary Resolution, which is adopted by a majority of at least 75%, without there being any unilateral right of early repayment arising independently and separately from either the Series B1 Bonds or the Series B2 Bonds.
It should be noted that the Company holds 65% of the Medium Seniority Bonds (corresponding to 95% of the Series B2 Bonds) and 45% of the Subordinated Notes (corresponding to 95% of the Series C2 Notes) in each of the Phoenix and Vega securitization transactions.
The aforementioned Early Redemption upon exercise of the Right by the holders of the Medium Seniority Bonds (Series B) is made by the Issuer subject to confirmation that there are sufficient cash reserves to repay the Bonds of all Series in their entirety (and not in part) by paying the corresponding Early Redemption Amount, as well as the payment of all amounts payable either in priority to or on a pari passu basis with the Bonds in accordance with the relevant Waterfall Schedule, as described in the Company’s Annual Report and Financial Statements.
On any payment date, the Early Repayment Amount with respect to the High Seniority Bonds (Series A) corresponds to the outstanding Principal Amount plus unpaid accrued interest, with respect to the Medium Senior Notes (Series B) is equal to the sum of (a) the Coverage Amount reduced by the principal payments made on the Bonds of this Series since their Issue Date, with a minimum balance of zero, and (b) any unpaid accrued interest, and with respect to the Subordinated Bonds (Series C) is equal to the sum of the Coverage Amount reduced by the principal payments made on the Bonds of this Series from their Issue Date, with a minimum balance of zero.
The Coverage Amount is the total gross amount paid to the respective Issuer for each of the aforementioned Series of Bonds upon their issuance (initial coverage amount).
The sum of the Early Redemption Amount for the Bonds of each Series constitutes the minimum amount of money that the Issuer must have available to trigger Early Redemption upon exercise of the Right by holders of Medium-Rank Bonds (Series B).
The Coverage Amounts and the amounts of unpaid accrued interest corresponding to the Bonds held by the Company are set forth below:
