TORONTO, Dec. 20 /CNW Telbec/ - Dundee Securities Corporation, the
administrative agent for Skeena Capital Trust, and the Pan-Canadian Investors
Committee for Third-Party Structured Asset Backed Commercial Paper, announce
that the restructuring of Skeena Capital Trust has been successfully completed
with the redemption of all Skeena notes, and repayment to holders of
approximately $2.1 billion. The restructuring was ratified by holders of over
83% of the outstanding notes of Skeena.
Holders of Class A liquidity backed commercial paper, Class E extendible
commercial paper and Class F floating rate medium term notes of Skeena Capital
Trust each received approximately 98.7% of the aggregate amount of principal
and accrued interest as of August 15, 2007.
"The completion of the Skeena Capital Trust restructuring has preserved
value for all noteholders," said Purdy Crawford, Chairman of the Pan-Canadian
Investors Committee for Third-Party ABCP. "While this restructuring was unique
in comparison to the restructurings of other ABCP conduits, its success
demonstrates the benefits of all parties cooperating in creating effective
solutions and serves as a learning experience to facilitate the implementation
of other restructurings."
The terms of the restructuring were negotiated among Skeena's
Administrative Agent, Dundee Securities Corporation, its co-financial
arrangers, Edenbrook Hill Capital, and Dundee Securities Corporation, ABN AMRO
Bank and Bank of Nova Scotia, as well as the Pan Canadian Investors Committee.
Certain of Skeena's investors, as well as ABN AMRO Bank and Bank of Nova
Scotia, agreed to purchase term notes from a new special purpose vehicle set
up by Dundee Securities Corporation to provide collateral for replacement
credit swaps entered into by such vehicle with the bank counterparties.
For further information:
For further information: NATIONAL Public Relations (Media): Toronto:
David Weiner, (416) 848-1633; Montreal: Mark Boutet, (514) 843-2385; Skeena
Capital Trust: Geoff Sinclair, (416) 840-8155