Barclays Bank PLC ("the Offeror") today announced that it has extended
the expiration of its tender offer to purchase for cash (the "Offer")
(i) all of the outstanding Class A-2L Floating Rate Notes Due October
2017, Class A-3L Floating Rate Notes Due October 2017, Class B-1L
Floating Rate Notes Due October 2017 and Class B-2L Floating Rate Notes
Due October 2017 (together the "Notes"); and (ii) 4,040,000 shares of
Preferred Shares (the "Preferred Shares" and together with the Notes the
"Securities") of ACA CLO 2005-1, Limited (the "Issuer") and ACA CLO
2005-1 LLC (the "Co-Issuer" and, together with the Issuer, the
"Co-Issuers") from 5:00 p.m. EST on February 17, 2012 to 5:00 p.m. EST
on February 29, 2012 unless further extended (as extended, the
Expiration Time). During this period, the Offeror will continue to
assess the value of and the market for the Securities, including by
means of dialogue with Holders. The Offer is being made pursuant to an
Offer to Purchase (the "Offer to Purchase") and the related Letter of
Transmittal (the "Letter of Transmittal"), each dated January 20, 2012,
as amended by this release.
There are no withdrawal rights under the terms of the Offer. Subject to
applicable law, once Securities are tendered in the Offer, they may not
be validly withdrawn.
The Offer is subject to certain conditions, including the condition that
the Offeror must receive valid tenders of 4,037,630 Preferred Shares
(equal to a notional amount of $4,037,630), which are more fully
described in the Offer to Purchase. The Offer is not subject to any
financing condition. Except as otherwise provided in this release, the
terms and conditions of the Offer remain the same. As of the date of
this release, no Securities have been tendered pursuant to the Offer.
The Offeror has engaged Barclays Capital Inc. as the Dealer Manager for
the Offer. Questions regarding the Offer may be directed to Barclays
Capital Inc., Attention: Sonya Lee, US Credit Structuring at (212)
412-5155 (collect) or CLOStructuring@barclayscapital.com.
Copies of the Offer to Purchase and Letter of Transmittal may be
obtained from the Information Agent/Depositary for the Offer, Global
Bondholder Services Corporation, at (866) 736-2200 (toll-free) or (212)
Certain statements contained in this release are "forward-looking
statements" and are prospective. These statements may be identified by
their use of forward-looking terminology such as the words "expects,"
"projects," "believes," "anticipates," "intends" or other similar words.
Forward-looking statements are not based on historical facts, but rather
on current expectations and projections about future events, and are
therefore subject to risks and uncertainties which could cause actual
results to differ materially from the future results expressed or
implied by the forward-looking statements. Such statements are qualified
in their entirety by the inherent risks and uncertainties surrounding