The maturity was extended from 1/1/2014 until 1/1/2019 and locked out until 1/1/2018. Then they cleaved the loan into an A ($350mm) and B ($75mm - 17.65%) note and added $10mm to reserves from new equity and an LOC for $25mm that is triggered if they BK.
Originally this was split $175 in GECMC 2007-C1 @ $175mm and CD 2007-CD4 @ $250mm; overal it is probably a positive for AJs in those deals.
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source?
I guess a source adds legitimacy... Its from the remit on GECMC 2007-C1 and Barclays had something out on it too - I don't think I can post either though.
thx for the follow up - the meat of that must of been from Barclays as the remit report offers little color
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