Computer processor (Specifications as per Annexure A-2
) NOS 32
The class A-2
notes were able to stay current on interest payments through the Feb.
The ratings on the class A-1A, A-1B and A-2
notes address the timely payment of interest and principal; the ratings on the class B-1, B-2 and C notes address the ultimate payment of interest and principal.
The series 2005 notes are issued under an authorization not to exceed $750 million in three series of notes, in each case not to exceed $363 million series 2005 A-1 and $22 million taxable series 2005 C-1 notes to be sold by JPMorgan; and $365 million series 2005 A-2
notes to be sold by UBS Securities LLC.
The ratings of the class A-1 and A-2
notes (class A notes) and class B notes address the likelihood that investors will receive full and timely payments of interest, as per the transaction governing documents, as well as the aggregate outstanding amount of principal by the legal final maturity date.
Based on Fitch's improved projections of total principal and interest proceeds to be paid to the class A-2
notes, the DR rating on the notes has been revised to 'DR2' from 'DR4'.
The class B notes would receive payments on their principal only after the class A-2
notes are paid in full.
The 2006 series A-2
bonds, are expected to be sold through negotiation on or about March 23, 2006.
In response to the rights offering, Occam received subscriptions to purchase 343,741 shares of Series A-2
Preferred Stock for an aggregate purchase price of $3,437,410.
Each subscription right will entitle the stockholder to subscribe for and purchase one share of Series A-2
preferred stock for each 109 shares of common stock held on the record date.
17, 2005, TCW LINC III has redeemed a significant portion of its capital structure, resulting in the class A-1F and class A-1 notes being paid in full and the reduction of the class A-2L and A-2 notes by 24.
The class A-2
notes are wrapped by MBIA Insurance Corp.