Juno (Eclipse 2007-2) reschedules noteholder meetings

By Wendy Van Sickle

Columbus, Ohio, Dec. 23 – Juno (Eclipse 2007-2) DAC will hold a series of meetings on Jan. 14 for holders of three series of its notes to vote on modifications to certain payments to be made by the issuer, according to a notice.

A meeting for holders of the €677.25 million class A floating-rate notes due 2022 will be held at 5:30 a.m. ET, a meeting for holders of the €69.15 million class B floating-rate notes due 2022 will be held at 6 a.m. ET, and a meeting for the €74.3 million class C floating-rate notes due 2022 will be held at 6:30 a.m. ET.

The issuer had previously scheduled meetings for the notes to be held on Dec. 20 but announced on Dec. 13 that those meetings were being canceled.

The issuer is seeking to enter into a deed intended of payment to enable it to resume payments to the holders of the notes and others.

The terms of the deed of payment have been approved in principle by all parties and are supported by holders of more than 75% of the outstanding class C notes, according to the notice filed with the London Stock Exchange on Monday.

The issuer said the payment direction deed addresses the following issues, among others:

• Its financial position, as the issuer is unable to pay amounts payable to certain senior ranking creditors;

• Amounts due to the liquidity facility provider, which provider has raised concerns that certain determinations have not been made correctly and that this has resulted in amounts not being available to repay amounts outstanding to the liquidity facility provider; and

• Note events of default that have occurred and are continuing as a result of the non-payment of principal and interest on the notes on Aug. 20, 2018 and on each interest payment date thereafter.

It is expected that, following the passing of the extraordinary resolutions and subsequent execution of the payment direction deed, the class A and B notes will be redeemed in full and partial payment of principal will be made on the class C notes.

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