Attentus CDO I Offering Circular - Irish Stock Exchange

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TABLE OF CONTENTS Page SUMMARY OF TERMS..................................................................................................................................1 RISK FACTORS .............................................................................................................................................25 DESCRIPTION OF THE OFFERED NOTES..............................................................................................54 STATUS AND SECURITY..............................................................................................................54 INTEREST ON THE SENIOR NOTES AND DISTRIBUTIONS ON THE SUBORDINATED NOTES ................................................................................................55 PRINCIPAL .......................................................................................................................................58 MANDATORY REDEMPTION......................................................................................................59 AUCTION CALL REDEMPTION ..................................................................................................60 OPTIONAL REDEMPTION AND TAX REDEMPTION.............................................................62 REDEMPTION PROCEDURES......................................................................................................64 REDEMPTION PRICE .....................................................................................................................65 CANCELLATION.............................................................................................................................65 PAYMENTS.......................................................................................................................................66 PRIORITY OF PAYMENTS............................................................................................................66 CERTAIN DEFINITIONS ................................................................................................................73 THE COVERAGE TESTS................................................................................................................80 FORM, DENOMINATION, REGISTRATION AND TRANSFER..............................................84 NO GROSS-UP..................................................................................................................................94 THE INDENTURE............................................................................................................................94 USE OF PROCEEDS....................................................................................................................................104 RATINGS OF THE OFFERED NOTES.....................................................................................................105 MATURITY, PREPAYMENT AND YIELD CONSIDERATIONS........................................................107 THE CO-ISSUERS........................................................................................................................................107 GENERAL........................................................................................................................................107 CAPITALIZATION.........................................................................................................................108 BUSINESS .......................................................................................................................................109 CONSOLIDATION, MERGER OR TRANSFER OF ASSETS..................................................110 SECURITY FOR THE SENIOR NOTES ...................................................................................................110 GENERAL........................................................................................................................................110 COLLATERAL DEBT SECURITIES ...........................................................................................111 THE PORTFOLIO...........................................................................................................................114 DESCRIPTION OF SYNTHETIC SECURITIES.........................................................................129 -i-
TABLE OF CONTENTS (continued) Page CERTAIN MATTERS RELATING TO SYNTHETIC SECURITIES .......................................131 THE COLLATERAL QUALITY TESTS......................................................................................132 CRITERIA FOR PURCHASE OF COLLATERAL .....................................................................137 CHANGES IN COMPOSITION OF THE COLLATERAL DEBT SECURITIES....................141 DISPOSITION OF COLLATERAL DEBT SECURITIES..........................................................142 ACQUISITION OF COLLATERAL DEBT SECURITIES AFTER THE CLOSING DATE ..................................................................................................................................142 THE HEDGE AGREEMENTS.......................................................................................................144 THE ACCOUNTS ...........................................................................................................................148 THE COLLATERAL MANAGER..............................................................................................................152 THE COLLATERAL MANAGEMENT AGREEMENT ..........................................................................155 GENERAL........................................................................................................................................155 CONFLICTS OF INTEREST .........................................................................................................160 COMPENSATION ..........................................................................................................................160 CERTAIN INCOME TAX CONSIDERATIONS ......................................................................................162 CERTAIN U.S. TAX CONSIDERATIONS..................................................................................162 CAYMAN ISLANDS TAX CONSIDERATIONS.......................................................................168 GOVERNOR IN CABINET ...........................................................................................................169 CERTAIN ERISA CONSIDERATIONS ....................................................................................................169 SENIOR NOTES OTHER THAN THE CLASS E NOTES.........................................................169 SUBORDINATED NOTES AND CLASS E NOTES..................................................................172 PLAN OF DISTRIBUTION .........................................................................................................................175 UNITED STATES ...........................................................................................................................175 UNITED KINGDOM ......................................................................................................................176 CAYMAN ISLANDS......................................................................................................................177 GENERAL........................................................................................................................................177 ANTI-MONEY LAUNDERING AND ANTI-TERRORISM REQUIREMENTS AND DISCLOSURES.............................................................................................................................................177 TRANSFER RESTRICTIONS.....................................................................................................................178 LISTING AND GENERAL INFORMATION............................................................................................200 LEGAL MATTERS.......................................................................................................................................202 INDEX OF DEFINED TERMS..................................................................................................................... I-1 ii
Page 1 and 2: OFFERING CIRCULAR Attentus CDO I, L
Page 3 and 4: (other than the Class A-1 Notes) in
Page 5 and 6: DELIVERY OF THIS OFFERING CIRCULAR
Page 7 and 8: UNITED STATES PRIMARILY FOR THE BEN
Page 9 and 10: as defined in Regulation S under th
Page 11 and 12: DOLLAR EQUIVALENT OF AT LEAST A$500
Page 13 and 14: VARY DEPENDING ON THE RELEVANT JURI
Page 15 and 16: ____________________ NOTICE TO RESI
Page 23: obtained from the Trustee. It is no
Page 27 and 28: The Class A-1 Notes, the Class A-2
Page 29 and 30: The Issuer will not have any materi
Page 31 and 32: payable on such next succeeding Bus
Page 33 and 34: the Offered Notes.” Additionally,
Page 35 and 36: Mandatory Redemption of Senior Note
Page 37 and 38: “Description of the Offered Notes
Page 39 and 40: Entities for which the primary expe
Page 41 and 42: Form, Registration and Transfer of
Page 43 and 44: nonexempt prohibited transaction un
Page 45 and 46: case of a governmental, foreign or
Page 47 and 48: No Combination Note (or any interes
Page 49 and 50: ERISA Matters: See “Certain ERISA
Page 51 and 52: Class and that remain outstanding h
Page 53 and 54: greater than the liquidation value
Page 55 and 56: As a general matter, in the case of
Page 57 and 58: of performing the Coverage Tests, a
Page 59 and 60: Backed Securities” and similar ri
Page 61 and 62: among other things, a substantial r
Page 63 and 64: Indenture intended to ensure that s
Page 65 and 66: Debentures and Trust Preferred Secu
Page 67 and 68: should arise in any manner, the Col
Page 69 and 70: Investment Company Act. None of the
Page 71 and 72: approximately equal to the market p
Page 73 and 74: Interest Rate Risk. The Senior Note
Page 75 and 76:
Changes in Tax Law; Withholding on
Page 77 and 78:
In January 2003, the Financial Acco
Page 79 and 80:
verification purposes, an applicati
Page 81 and 82:
Any interest on the Class C-2 Notes
Page 83 and 84:
Calculation Agent by reference to r
Page 85 and 86:
Class C-1 Notes, fifth, the Class C
Page 87 and 88:
in its payment obligations thereund
Page 89 and 90:
“Reg Y Institution” means any H
Page 91 and 92:
Payments Payments in respect of pri
Page 93 and 94:
(5) to the payment of accrued and u
Page 95 and 96:
Notes has been paid in full; provid
Page 97 and 98:
On the first Distribution Date, if
Page 99 and 100:
new security or package of securiti
Page 101 and 102:
that if any such date would otherwi
Page 103 and 104:
to be equal to 50% of the outstandi
Page 105 and 106:
“Tangible Net Worth Test” means
Page 107 and 108:
The Class D Overcollateralization T
Page 109 and 110:
If the calculation of the Class A/B
Page 111 and 112:
Notes and the registration of trans
Page 113 and 114:
DTC notifies the Issuer that it is
Page 115 and 116:
Plan Investors owning 25% or more o
Page 117 and 118:
(iii) In addition, no Reg Y Institu
Page 119 and 120:
(x) DTC has advised the Co-Issuers
Page 121 and 122:
or clause (ii) above under “Event
Page 123 and 124:
obligations under any instrument in
Page 125 and 126:
Counterparty that such Hedge Counte
Page 127 and 128:
trust executed in connection with t
Page 129 and 130:
Until such time as a Holder of a Co
Page 131 and 132:
confirmation, together with any con
Page 133 and 134:
Maples Finance Limited will act as
Page 135 and 136:
of withdrawal to the Company Announ
Page 137 and 138:
(iii) (iv) (v) (vi) (vii) (viii) (i
Page 139 and 140:
The Portfolio It is expected that o
Page 141 and 142:
Prior to the termination of any Ext
Page 143 and 144:
amount equal to the aggregate Princ
Page 145 and 146:
following such merger, consolidatio
Page 147 and 148:
securities) initially issued after
Page 149 and 150:
Certain Covenants If (i) there has
Page 151 and 152:
Because the Issuer may own less tha
Page 153 and 154:
maturity of any Senior Indebtedness
Page 155 and 156:
The Collateral Manager shall prompt
Page 157 and 158:
(iii) establishing recovery floors
Page 159 and 160:
Moody's Rating Moody's Rating Facto
Page 161 and 162:
Weighted Average Life Test. “Weig
Page 163 and 164:
“B3”; (3) has received a long-t
Page 165 and 166:
(xvi) if such Additional Collateral
Page 167 and 168:
non-public or otherwise might prohi
Page 169 and 170:
February 24, 2006 among, inter alia
Page 171 and 172:
(or shall not have a long-term or s
Page 173 and 174:
The obligations of the Issuer under
Page 175 and 176:
in its capacity as a banking instit
Page 177 and 178:
Account prior to the release of the
Page 179 and 180:
Institutions Group at Morgan Stanle
Page 181 and 182:
expense of the Co-Issuers under the
Page 183 and 184:
The Collateral Manager may resign u
Page 185 and 186:
Conflicts of Interest The Collatera
Page 187 and 188:
equal to the shortfall will be defe
Page 189 and 190:
purposes, and if the entity has tax
Page 191 and 192:
U.S. Holder and stating that the No
Page 193 and 194:
eporting requirement which may appl
Page 195 and 196:
persons or the fiduciaries of the B
Page 197 and 198:
LIMITATION, FOREIGN AND GOVERNMENTA
Page 199 and 200:
CLOSING DATE BY PERMITTED PLANS) (D
Page 201 and 202:
that the Initial Purchaser reasonab
Page 203 and 204:
clauses (i)-(iii) above. In certain
Page 205 and 206:
(ii) a transferee acquiring an inte
Page 207 and 208:
of Regulation S Class E Notes (othe
Page 209 and 210:
INTEREST HEREIN WAS IN BREACH, AT T
Page 211 and 212:
PROVIDE WRITTEN NOTICE OF THE TRANS
Page 213 and 214:
Securities and Exchange Commission
Page 215 and 216:
investment is consistent with any a
Page 217 and 218:
BUYER OR (2) AN ACCREDITED INVESTOR
Page 219 and 220:
CODE (OR, IN THE CASE OF A GOVERNME
Page 221 and 222:
The initial purchaser of Subordinat
Page 223 and 224:
VOID AB INITIO, AND WILL NOT OPERAT
Page 225 and 226:
LISTING AND GENERAL INFORMATION 1.
Page 227 and 228:
LEGAL MATTERS Certain United States
Page 229 and 230:
Class C-1 Deferred Interest........
Page 231 and 232:
Global Senior Notes................
Page 233 and 234:
Real Estate Entities ..............
Page 235 and 236:
Trust Preferred Securities Issuer..
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Attentus CDO I Offering Circular - Irish Stock Exchange

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