Euro Capital Markets (Series A) Trust was incorporated in the State of New York, USA and has been classified as a "Grantor Trust" for U.S. federal income tax purposes. Each 9% Asset Backed Certificate will represent a fractional undivided interest in the Euro Capital Markets (Series A) Trust (the "Trust"). The Trust will use the proceeds from the sale of the Certificates to purchase US$48 million of zero coupon U.S. Government Guaranteed Securities paying US$ 100 million upon maturity in June 2009, and to loan an estimated US$ 52 million to the Company to enable the Company to make secured loans up to that amount to certain U.S. borrowers.
The Trustee is Euro Capital Markets (Series A) Inc., a "special purpose" corporation incorporated in New York in 1994. Its activities are restricted to entering into the ECM-A Loan Agreement, making the Project Loans and undertaking ancillary activities related thereto.
The listing of Euro Capital Markets (Series A) Trust - 9% Asset Backed Certificates is being sponsored by Voyager Financial Services Limited of Hamilton, Bermuda.
Mr. Ronald N. Totaro, Managing Director of Euro Capital Markets stated, "We are very please to be able to offer our innovative investment structure on the BSX since it combines an attractive fixed rate coupon of 9% with a strong credit profile. We estimate the Bank of International Settlements Risk factor of our Certificates to be near zero, since principal is fully secured by zero coupon U.S. Government Guaranteed Securities and interest is secured by the cash collateralised Interest Payment Protection Fund of $ 9,000,000 in addition to the annual projected net cash flow of $9,852,000 from the Project Loans."
Paul D. Lemmon, Managing Director of Voyager Financial Services stated, "Voyager is pleased to sponsor Euro Capital Markets (Series A) Trust. I am further pleased that international debt issues look to Bermuda and the BSX as their venue for international business."
"The Bermuda Stock Exchange is pleased that Euro Capital Markets (Series A) Trust, 9% Asset Backed Certificates, chose to list on the Exchange," said Mr. James S. McKirdy, Listing Manager of the BSX.
For further information on Euro Capital Markets, Inc., please contact Mr. Paul Lemmon of Voyager Financial Services Ltd. at telephone: (441) 296-4545, facsimile: (441) 296-4548 or email at Voyager@ibl.bm.