Escher Marwick says meetings not attended; declares shortfall for secured notes

By Mary-Katherine Stinson

Lexington, Ky., April 5 – Truva Services Ltd., in its role as the trustee of four series of secured notes issued by Escher Marwick plc, Dover Harcourt Ltd. and Balise Springs Ltd. announced the issuers have declared a shortfall and will move to terminate the notes due to inaction by the noteholders and issuers, according to a notice.

The affected notes are as follows:

• £200 million of 5.5% fixed-and-floating rate secured notes due 2036 (ISIN: GB00BD0FRG07) issued by Escher Marwick (the series 2016-6 GBP notes);

• €350 million of 7% fixed-rate secured notes due 2022 (ISIN: GB00BF0L7628) issued by Escher Marwick under its £500 million secured medium term note program (the series 2017-F1 EUR notes);

• £50 million of 7% fixed-rate secured exchange-traded product due 2027 (ISIN: GB00BYMV4732) issued by Dover Harcourt under its £400 million secured note program (the series 2017-CI1 notes); and

• £100 million secured notes due 2028 (ISIN: GB00BGDYG020) issued by Balise Springs under its £2 billion secured medium-term exchange-traded product program (the series 2018-F3 notes).

Separate meetings were held via video conference on March 11 for the series 2018-F3 notes, on March 12 for the series 2017-CI1 notes and the series 2016-6 GBP notes and on March 13 for the series 2017-F1 EUR notes.

The meetings were not attended by any legal noteholders or interested parties.

Therefore, as of April 5, Truva has received no instructions from the relevant noteholders to initiate any proceedings and/or take any steps or action.

A single notice was released covering all the affected notes, rather than separate notices, due to lack of funds within the segregated issuer accounts for each series. Since no funds have been received from the issuers or servicer to either cover expenses incurred from the default on the notes nor make any distributions, the issuers have declared a shortfall and will terminate the notes.

Relevant noteholders may contact the trustee by sending an email to directors@truvacorp.com referencing the ISIN of the affected series and the name of the issuers in the subject line of the email.

London-based Escher Marwick provides funds to the property and renewable energy sectors and export finance to the oil and gas sectors. London-based Dover Harcourt conducts business and administrative support services and waste management and remediation services. Balise Springs is a private limited company based in London.

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