33GX Agric Dev Bk 26

 

TIDM33GX 
 
RNS Number : 6840Z 
GESB PLC 
25 September 2009 
 

NOTICE TO HOLDERS 
 
 
GESB PLC 
GBP104,555,000 8.35 per cent Guaranteed Secured Bonds due 2018 (ISIN 
XS0051799046) 
(the "Bonds") 
 
 
FOR IMMEDIATE RELEASE 
                                  25 September 2009 
 
 
 
 
This notice is given by GESB plc (the "Issuer") to the holders of the Bonds (the 
"Bondholders"). Capitalised terms used and not otherwise defined herein have the 
meanings given to them in the offering circular in respect of the Bonds dated 5 
July 1994. 
 
 
The Issuer hereby gives notice to the Bondholders that following the downgrade 
of Ambac Assurance Corporation's credit rating from Baa3 to Caa2 by Moody's 
Investors Services Inc ("Moody's") on 29 July 2009 Moody's announced the 
withdrawal of its rating on the Bonds on 1 September 2009 in line with Moody's 
modified rating methodology for structured finance securities insured by 
financial guarantors (as announced by Moody's on 14 July 2009). 
 
 
There is no obligation on the Issuer to maintain a rating on the Bonds however 
Bondholders should be aware that Moody's has informed the Issuer that it will 
consider re-rating the Bonds on the basis of the underlying Stock. In order to 
consider an underlying rating, Moody's has informed the Issuer that it will 
require a range of information to be provided to it including specific 
information relating to the Borrowers, copies of the loan documentation, 
detailed information in relation to each individual unit in the Borrower's 
portfolio (including the most recent valuations) and all historical information 
in relation to the transaction. This process may involve substantial time and 
cost with no assurance of a rating being given at all or higher than the rating 
of the Bonds immediately before Moody's withdrew its rating. This process, 
Moody's surveillance and other ongoing rating services would be entirely at the 
cost of the Bondholders because the Issuer is not permitted (without the 
approval of the Trustee and the Controlling Creditor) to incur costs or apply 
collections otherwise than in payment of costs contemplated by the Transaction 
Documents or considered by the Trustee to be reasonable priority expenses of the 
Issuer. Accordingly, Bondholders should be aware that as the Issuer is not 
obliged to maintain a rating, it will not take any action in connection with a 
possible re-rating without Bondholder approval. 
Bondholders should note that Bondholders holding at least 10 per cent of the 
outstanding number of Bonds would need to petition the Bond Trustee to arrange 
for a formal meeting of Bondholders to be called to approve such a re-rating. 
Alternatively, the Bond Trustee is willing to assist any Bondholder who wishes 
to call an informal meeting of Bondholders to discuss the ratings position with 
other Bondholders. 
Bondholders should contact the Bond Trustee directly to petition such a meeting. 
The contact details for the Bond Trustee are: 
Capita Trust Company Ltd 
7th Floor, Phoenix House 
18 King William Street 
London EC4N 7HE 
Telephone: 0207 648 7495 
Email: corptrustsmanager@capitafiduciary.co.uk 
 
 
This notice is given by GESB plc on 25 September 2009. 
 
 
The contact details for the Issuer are: 
The Directors 
GESB plc 
c/o Wilmington Trust SP Services (London) Limited 
Telephone: +44 (0) 20 7614 1111 
Email: transactionteam@wilmingtontrust.com 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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