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PR Newswire
14-10-2012, 09:47 PM
Nick,
It has been disclosed by the management that the terms and conditions of the Bonds provide that following the occurrence of a Change of Control in the ownership of THRE, the holder of each Bond will have the right, at such holder’s option to require the Trustee-Manager to redeem in whole but not in part such holder’s Bonds at an amount equal to its accreted face value.
I do not know on the remedies available to the bond holders in the event of default on the part of the Issuer on its bond redemption obligation. The Management has not disclosed any detail so far.
Force sale could be a possibility - if property has been used as collateral. Also, force sale does not necessary equates to “fire-sale”, for well sought after properties such those owned by TCT
It has been disclosed by the management that the terms and conditions of the Bonds provide that following the occurrence of a Change of Control in the ownership of THRE, the holder of each Bond will have the right, at such holder’s option to require the Trustee-Manager to redeem in whole but not in part such holder’s Bonds at an amount equal to its accreted face value.
I do not know on the remedies available to the bond holders in the event of default on the part of the Issuer on its bond redemption obligation. The Management has not disclosed any detail so far.
Force sale could be a possibility - if property has been used as collateral. Also, force sale does not necessary equates to “fire-sale”, for well sought after properties such those owned by TCT
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.