Helix Updates Market

Hamilton, Bermuda – July 2, 2018 – In a filing with the Bermuda Stock Exchange (“BSX”) Helix Investment Management SLP updates market. The full filing stated:

This release provides an update to all noteholders of the Helix Securitisation Fund, Compartment “Privilege Wealth” (“Issuer”) in respect of the Tranche A, B and C of the Helix Privilege Wealth EMTN Issuance Program (“Notes”) due 30 June 2020 (“Maturity”),

Helix continues its recovery action for its loans against Privilege Wealth PLC and has exercised its rights over collateral that it holds in security.

Tranche B Redemptions

Helix has received significant redemption requests from the Tranche B Noteholders for 30 June 2018.

Owing to the payment default by Privilege Wealth PLC, and notwithstanding that the management company has used its reasonable commercial efforts to generate available cash to meet redemption requests, there is insufficient available cash to meet redemption requests.

Disposal of the assets of the Issuer is not yet reasonably practicable and payment of any such redemption requests would be substantially prejudicial to the non-redeeming Noteholders.  

Accordingly, and in accordance with Section 8 of Private Investment Memorandum, the Issuer notifies that it suspends early redemptions and redemption requests prior to Maturity, pending further notice.

Tranche A and Tranche B Coupon payments

The Issuer’s ability to pay the coupons on the Tranche A and Tranche B Notes is dependent upon the success of its asset recovery efforts. The recovery actions are still on-going and during this period it is necessary for the Issuer to defer payment of coupon pending a return to better fortunes.

All coupon payments will be deferred and accrued for payment at Maturity.

The deferral of coupon payments will be reviewed upon a return of the Issuer to better fortunes. 

We will keep noteholders updated as to our progress in the recovery actions and will advise as and when there is any change enabling the Issuer to resume coupon payments.

Bermuda Stock Exchange

Helix considers that in the above circumstances it is appropriate to continue to suspend the trading of the Notes on the BSX pending clarification of the fair value of the Notes.

Next Update

Helix will report back to all Noteholders with an update on the status of its recovery actions at the end of July 2018.