Rabobank tenders for Skyline after Fitch downgrade
Rabobank on Monday launched a tender offer to buy back the bottom of the capital structure in its Skyline 2007 CMBS following a downgrade by Fitch last Wednesday (February 16) which took the ‘B’ notes from AA to BBB.
Rabo is offering 95% for the class B notes, 93% for the class C,
90% for the class D, and 85% for the class E a level which gives B and C
noteholders around 10% premium and D & E noteholders around 15% premium
to pre-downgrade secondary prices.
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