TIDM91SI
RNS Number : 5233C
Lehman Brothers UK Cap Fdg V LP
19 October 2020
This notice contains important information that is of interest
to the registered and beneficial owners of the subject securities.
If applicable, all depositories, custodians and other
intermediaries receiving this notice are requested to expedite the
re-transmittal to beneficial owners of the securities in a timely
manner.
Notice to Holders
Lehman Brothers UK Capital Funding IV LP
EUR200,000,000
Euro Fixed Rate Enhanced Capital Advantaged Preferred
Securities
XS0282978666
Lehman Brothers UK Capital Funding V LP
US$500,000,000
Fixed Rate Enhanced Capital Advantaged Preferred Securities
XS0301813522
19 October 2020
Notice of Interim Payment
Reference is made to:
(i) the EUR200,000,000 Euro Fixed Rate Enhanced Capital
Advantaged Preferred Securities issued by Lehman Brothers UK
Capital Funding IV LP (the "Issuer" or "LP IV") with ISIN number
XS0282978666; and
(ii) US$500,000,000 Fixed Rate Enhanced Capital Advantaged
Preferred Securities issued by Lehman Brothers UK Capital Funding V
LP (the "Issuer" or "LP V")) with ISIN number XS0301813522,
hereinafter referred to as the "Securities". Reference
hereinafter to "the Issuers" is reference to LP IV and LP V.
Interim Payment : an initial interim payment will be paid for
value on 28 October 2020 relating to the Liquidation Preference in
respect of the Securities to beneficial holders of the Securities
as of 21 October 2020. The value of the distribution for LP IV and
LP V is set out in the table below. This distribution represents a
significant proportion of the total funds likely to be available
for distribution. The balance of funds will be distributed when
outstanding cost issues and allocations have been determined.
Issuer Value of interim distribution
LP IV Euro 9,000,000
LP V USD 25,000,000
Background : each of the Issuers were registered as a special
purpose limited partnership for the purposes of issuing the
Securities. LB GP No.1 Ltd (the "Company") acts as the General
Partner of the Issuers. Bruce Alexander Mackay and Matthew Robert
Haw of RSM Restructuring Advisory LLP were appointed as joint
liquidators (the "Joint Liquidators") of the Company on 28 February
2017 pursuant to a special resolution of the Company's sole member,
Lehman Brothers Holdings Inc. ("LBHI"). The appointment of the
Joint Liquidators was ratified by the Company's creditors at a
meeting of creditors held on 12 April 2017.
The appointment of the Joint Liquidators followed a Court
process in which the Company was restored to the Register of
Companies with effect from 3 February 2017. The restoration process
and a number of related Court Orders that flowed from it were set
out in the Joint Liquidators' Notice to Holders dated 23 June 2017
(the "June 2017 Notice"). The Company is part of the Lehman
Investment Banking Group (the "Group"). Prior to the collapse of
the Group in September 2008, a funding structure was developed by
the Group to fund, on a subordinated basis, capital to be made
available to Lehman Brothers Holdings Plc (in administration)
("LBH") and LBHI in respect of regulatory capital. The funding
structure was established through five limited partnerships as
follows:
(i) Lehman Brothers UK Capital Funding LP ("LP I");
(ii) Lehman Brothers UK Capital Funding II LP ("LP II");
(iii) Lehman Brothers UK Capital Funding III LP ("LP III");
(iv) Lehman Brothers UK Capital Funding IV LP ("LP IV"); and
(v) Lehman Brothers UK Capital Funding V LP ("LP V").
(together the "Partnerships" or individually a "Partnership" as
the context requires.
The Company acted as a general partner of each of the
Partnerships. The Partnerships formed the structure of the capital
funding arrangement. The purpose of the Partnerships was to raise
regulatory capital for LBH and LBHI by issuing securities to
investors.
Qualification Statement : this notice has been prepared using
information obtained by Bruce Alexander Mackay and Matthew Robert
Haw (i) acting as the Joint Liquidators of the Company; and (ii)
acting as licensed insolvency practitioners specifically in
relation to winding-up the Partnerships pursuant to an order of the
High Court made in accordance with section 6(3) of the Limited
Partnerships Act 1907. Reference in this notice to the Joint
Liquidators also includes (where the context requires) Bruce Mackay
and Matthew Haw acting as insolvency practitioners for the purpose
of winding-up the Partnerships. Given the wider international
failure and insolvency of associated Lehman entities and the
passage of time since the Partnerships were active, it has been
difficult to obtain all information relevant to the Partnerships
and readers of this notice should understand that the Joint
Liquidators' investigations have been hampered (in some cases) by
the paucity of financial information and documentation.
Neither the Joint Liquidators nor RSM Restructuring Advisory LLP
accept any liability whatsoever arising as a result of any decision
or action taken or refrained from as a result of information
contained in this notice.
This notice should be read in conjunction with the previous
notices to the Holders issued by the Joint Liquidators on 23 June
2017, 13 November 2017, 11 May 2018, 19 November 2018 and 25
September 2019 copies of which are available on request.
Contacts : holders of the Securities who have queries concerning
anything mentioned in this notice may contact the Joint Liquidators
at:
RSM Restructuring Advisory LLP, 25 Farringdon Street, London,
EC4A 4AB
E-mail: Samantha.Hawkins@rsmuk.com
Please note that in any correspondence with the Joint
Liquidators, holders of the Securities will be required to verify
their holdings of the relevant Securities to the Joint Liquidators
by:
-- such holder(s) sending an e-mail to the Joint Liquidators c/o
Samantha Hawkins using the email address shown above and
referencing "LB GP No. 1 Ltd (In Liquidation)" and the ISIN of the
Securities in the subject line and disclosing the identity of the
holder, the identity of the Partnership or Partnerships which
issued the Securities, the nominal amount of each ISIN held by the
holder and the details of the person(s) who shall represent the
holder; and
-- such holder(s) providing (by e-mail to the Joint Liquidators
c/o Samantha Hawkins) a letter, screen shot or other proof of
holding (in each case from Euroclear/Clearstream and their
custodian (if applicable)) verifying each of its holdings in the
Securities and disclosing the following information:
o ISIN
o Account number
o Participant name
o Nominal amount
o Beneficial Holder details (including e-mail address)
This notice is given by
Bruce Alexander Mackay
RSM Restructuring Advisory LLP
as Joint Liquidator of LB GP No.1 Ltd
Without personal liability
ISIN/CUSIP numbers used in this notice have been included solely
for the convenience of the holders of Securities. The Joint
Liquidators assume no responsibility for the selection or use of
such number and make no representation as to the correctness of the
numbers listed above.
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END
MSCUKVSRRBURAAA
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