Preliminary credit ratings have been assigned to the £710 million commercial mortgage-backed floating-rate notes to be issued by Opera Finance (CSC 3) PLC. The issuer will use the proceeds of the notes to make a term advance of £406.5 million to Braehead Glasgow Ltd. and Braehead Park Investments Ltd. (the Braehead borrowers) and £303.5 million to CSC Harlequin Ltd. (all three together, the borrowers) under the terms of two credit facilities structured by Eurohypo AG. The Braehead borrowers jointly and severally guarantee the obligations of each other under the Braehead finance documents. The two loans are secured on the Braehead Shopping Centre & Retail Park in Renfrew near Glasgow, Scotland and on the Harlequin Shopping Centre in Watford, Hertfordshire, respectively....
Companies mentioned in this report are:
- Hypothekenbank Frankfurt AG
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis