Business
CLO Test Results and Ratings
CLO Test Results and Ratings.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n RNS Number : 7781S Greenwich Loan Income Fund Ltd 16 September 2010 \n \n\nGreenwich Loan Income Fund Limited (\"GLIF\" or the \"Company\")\n \nCLO Test Results and Ratings Upgrade\n\n 16 September 2010\n \nThe Company announces the test results as of 2 September 2010 pursuant to the indenture of T2 Income Fund CLO I Ltd (the \"CLO\"), of which the Company owns all of the residual economic interest. The report summarising the results of those tests can be found at the link below:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/7781S_-2010-9-15.pdf\n \n \nWith respect to the various tests required under the CLO indenture, the CLO passed all of the covenant and percentage limitation tests. While the current month's results are not controlling as to the October 2010 payment test, it may be worth noting that had this been a payment period, there would have been no interest diversion and a full payment would have been paid to the Company.\n \nAs described in previous press releases, the CLO indenture contains a variety of covenants, compliance with which, as well as curing existing defaults, could be made more difficult or impossible should credit markets deteriorate or the loans held by the CLO fail to make expected payments or otherwise not perform, or for a variety of other reasons, and which if violated could result in additional principal paydowns of the CLO's notes and/or interest diversion. \n \nMoody's upgrades the ratings of notes issued by the CLO \n \nOn the 9 September 2010, Moody's Investors Service announced that it has upgraded the ratings of the following notes issued by the CLO:\n \n· Class C Notes, upgraded to Baa1 (previously Baa3);\n· Class D Notes, upgraded to Ba1 (previously Ba3);\n· Class E Notes, upgraded to Ba3 (previously B3).\n \n \n \nContacts:\n \nGeoffrey Miller\nGreenwich Loan Income Fund Limited\n+353 1 4433 466\n \nPatrick Conroy\nGreenwich Loan Income Fund Limited\n+1 203 983 5282\n \nPhilip Secrett\nNominated Adviser\nGrant Thornton Corporate Finance\n+44 (0) 20 7383 5100\n \nJames Maxwell\nSinger Capital Markets Limited \n+44 (0) 20 3205 7622\n \nEd Gascoigne Pees\nFinancial D...