TORONTO, Sept. 15 /CNW/ - ROC Pref Corp. ("ROC I") announced that the
Lehman Brothers Holdings Inc.'s ("LBHI") announced intention to file a
petition under Chapter 11 of the U.S. Bankruptcy Code with the United States
Bankruptcy Court for the Southern District of New York is expected to
constitute a credit event under the credit linked note ("CLN") issued by HSBC
This credit event is a consequence of the ongoing extremely difficult
conditions facing the United States financial system. Following this credit
event and assuming a 40% recovery rate, ROC I will be able to sustain
approximately 9.5 Credit Events in order to pay $25.00 per Preferred Share at
maturity on June 30, 2009 and continue to pay regular quarterly distributions.
Connor, Clark & Lunn will host a conference call to discuss the
implications of recent events on Tuesday September 16, 2008 at 9:00 AM EST.
The conference call number is (416) 644-3415 or 1 (800) 733-7571 and the
replay number is (416) 640-1917 or 1 (877) 289-8525. The pass code is 21283536
followed by the number sign.
ROC Pref Corp.'s preferred shares are currently rated P-1 by Standard &
Poor's and trade on the Toronto Stock Exchange under the symbol PRF.PR.A.
For further information:
For further information: please visit www.cclcapitalmarkets.com or
contact: Neil Murdoch, President & CEO, Connor, Clark & Lunn, Capital Markets
Inc., (416) 364-2839, email@example.com; or Darren Cabral, Vice-President,
Connor, Clark & Lunn Capital Markets Inc., (416) 214-6182 or 1-888-276-2258,