Titan Europe 2007-1 (NHP) Limited - Irish Stock Exchange

Tenant Operator
Group (1)
Southern Cross
Healthcare Group PLC
Four Seasons Health
Care Limited
Care Management
Group Limited
Craegmoor Healthcare
Co. Limited
Tenant or
Parent
Company
Ratings (2)
Annualised
Base Rent
Percent of
Total
Annualised
Base Rent (3)
Cumulative
Percent of
Total
Annualised
Base Rent (3)
Number of
Registered
Beds (4)
Percent of
Total
Number of
Registered
Beds (3)
Weighted
Average
Remaining
Lease
Term
(years) (5)
NR/NR/NR £58,397,666 86.5% 86.5% 13,176 89.1% 21.1
NR/NR/NR £2,874,847 4.3% 90.7% 594 4.0% 13.8
NR/NR/NR £2,383,031 3.5% 94.3% 263 1.8% 20.2
NR/NR/NR £1,594,954 2.4% 96.6% 270 1.8% 14.4
Britannia Healthcare NR/NR/NR £1,275,559 1.9% 98.5% 306 2.1% 16.9
Limited (6)
Methodist Homes for NR/NR/NR £639,716 0.9% 99.5% 121 0.8% 26.8
the Aged
Hillcroft Nursing NR/NR/NR £365,272 0.5% 100.0% 66 0.4% 16.0
Homes Limited
Total / Weighted
Average
£67,531,045 100.0% 14,796 100.0% 20.5
(1) For the purpose of certain calculations in this document, tenants are allocated to operator groups as follows:
Southern Cross Healthcare Group PLC: Active Care Partnerships Ltd, APTA Healthcare (UK) Ltd, Exceler Ireland Limited, Modelfuture Ltd,
Southern Cross Care Centres Ltd, Southern Cross Care Homes No 2 Ltd, Southern Cross Care Homes No 3 Ltd, Southern Cross Cymru Ltd, Southern
Cross Healthcare Centres Ltd, Southern Cross Healthcare Services Ltd, Southern Cross Home Properties Ltd and Trinity Care Homes Limited, together
with three Properties which are staff accommodation Properties;
Four Seasons Health Care Limited: Cedarhurst Lodge Ltd, Edgewater Lodge Ltd, Laudcare Ltd, Lisnisky Limited (formerly Tamaris (Ulster) Limited),
Osbourne Ltd and Saintfield Ltd;
Craegmoor Healthcare Co. Limited: Speciality Care (EMI) Plc and Speciality Care (UK Lease Homes) Ltd.
(2) S&P / Moody’s / Fitch ratings based on senior unsecured debt (or local issuer credit, if senior unsecured debt is unavailable) rating of company or parent
(regardless of whether parent is an obligor under the lease).
(3) Percentages may not total 100% due to rounding.
(4) Based on the total number of rooms.
(5) To the earlier of first break date or lease expiry.
(6) A petition for the winding up of Britannia Healthcare Limited has been presented by HM Revenue & Customs at Court in Edinburgh but as at the date of
this document, there is no further information on the status of the petition and no order to wind up has been granted (or dismissed) by the Court. The
Managing Director of Britannia Healthcare Limited has made a certified statement, confirming that the relevant amount due (of £51,408.14) has been paid
in full in settlement thereof to HM Revenue & Customs. See “Risk Factors—Loan Related Risks—Risks Relating to Terms of the Occupational Leases”.
Risks Relating to the Hedging Transactions: The Borrower has entered into two Swap Transactions, in
relation to the Libra Whole Loan, pursuant to which the Borrower swaps an amount based on a fixed rate for an
amount based on three-month LIBOR: (a) for the period from the date of origination of the Libra Whole Loan
up to 15 January 2010 (the “Spot Swap”), and (b) for the period from 15 January 2010 up to 15 January 2017
(the “Forward Swap” and together with the Spot Swap, the “Swap Transactions”). The notional balance of
each Swap Transaction will be equal to the principal balance of the Libra Whole Loan.
The obligations of the Borrower to pay amounts to the Swap Provider under the Swap Transactions rank
senior to the obligations of the Borrower to make payments of interest and principal under the Credit Agreement
with respect to the Libra Whole Loan. However, all payments received by the Borrower that are due to the
Swap Provider will be deposited into the Tranching Account pursuant to the Senior Intercreditor Deed. The
terms of the Senior Intercreditor Deed provide that any payments due to the Swap Provider (including any
obligations to pay Swap Termination Payments, but excluding any Swap Subordinated Amounts) will be paid
prior to any amounts being paid on account of the Libra Loan. Such amounts due to the Swap Provider that are
paid senior to the Libra Loan are to be paid into the Collection Account. From the Collection Account, all
amounts on the Spot Swap will be paid senior to any amounts paid on the Notes. However, any amounts due on
the Forward Swap will only be paid after payments of principal and interest on the Class A Notes and Class X
Notes (as to interest only) (the “Forward Swap Subordinate Amounts”) and prior to amounts on the Class B
Notes.
The Libra Whole Loan has no scheduled amortisation, and therefore the notional amount under the Swap
Transactions has been set accordingly. There can be no assurance that the notional amount of the Swap
Transaction will not become greater than the principal amount of the Libra Whole Loan in which case a
termination payment may be due from the Borrower to the Swap Provider, which payment (other than with
respect to the Forward Swap Subordinate Amounts) will rank senior to the Notes or, with respect to the Forward
Swap Subordinate Amounts, will rank subordinate to the Class A Notes and Class X Notes but senior to all
other Notes (other than the Class V Notes). Whilst the notional amount under the Swap Transaction is not
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