NHP sale shelved on swap wrangling

摘要

An issuer notice published on Wednesday afternoon confirmed that special servicer Capita would not proceed with two bids it has received for the NHP borrower group by way of a share sale while it remains in dispute with Credit Suisse about the swap payments in the titan europe 2007-1 (nhp) CMBS that is backed by the care homes run by the group. A number of transaction notices have been published in recent weeks in attempts to clarify the parties' views on the sales process, swap payments, and who has the right to release certain guarantors from their responsibilities within the transaction. For instance, three weeks ago a notice was published stating that the issuer had received a letter from swap provider Credit Suisse saying it was willing to subordinate the swap termination proceeds below the Class A and X notes. Credit Suisse maintained a view, however, that it was not in the best interests of stakeholders to sell the borrower group. In May it had said more time should be allowed for the work-out strategy and the investment made by the borrower to take effect.