New Issue: European Property Capital 3 PLC Jan 06
- ID: 1781691
- January 2006
- Region: Europe
- Standard & Poors
Credit ratings were assigned to the €406.762 million commercial mortgage-backed floating- and variable-rate notes issued by European Property Capital 3 PLC. European Property Capital 3 used the proceeds of the issuance to acquire four commercial loans originated by JPMorgan Chase Bank, N.A. between May 2003 and July 2005 and to enter into a CDS transaction in respect of an Italian loan, also originated by JPMorgan Chase Bank during 2003. The loans are secured against commercial real estate assets located in The Netherlands, Italy, and Portugal. The two largest loans include subordinated B-notes and/or mezzanine debt, which remain outside the securitization and are retained by JPMorgan Chase Bank and third-party lenders. The rights of these subordinated lenders are limited by intercreditor...
Companies mentioned in this report are:
- JPMorgan Chase Bank N.A.
Action: New Rating
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Research Type: Full Analysis