Magnolia Finance VI - Notice of Floating Amount

RNS Number:0789S
Magnolia Finance VI plc
10 April 2008

COMPANY ANNOUNCEMENT

10 April 2008

Magnolia Finance VI plc (the "Issuer")

Re: Notice of Floating Amount (Failure to Pay Principal)

Series 2006-11 USD 40,000,000 ABS Portfolio Variable Rate Notes due December
2046 (the "Notes")

We hereby notify you that, on 8 April 2008, Credit Suisse, Cayman Islands Branch
("CS") delivered to the Issuer in respect of the Notes, a notice of Floating
Amount (Failure to Pay Principal) dated 8 April 2008 (the "Notice") relating to
Reference Entity IXIS ABS CDO 2006-2, Tranche D and the Reference Obligation
identified by CUSIP 45072HAM2 (the "Reference Obligation") in accordance with
the Credit Swap Transaction relating to the Notes dated 20 December 2006 between
CS and the Issuer. Terms not otherwise defined herein shall have the meanings
given to them in the Constituting Instrument dated 20 December 2006 in relation
to the Notes (the "Constituting Instrument").

In the Notice, CS has notified the Issuer that it understands that (i) an Event
of Default has occurred under the indenture for the Reference Obligation under
the relevant Transaction and (ii) liquidation of assets of the Issuer of such
Reference Obligation has commenced. In particular, according to the Notice,
based on the most recent Servicer Report (attached to the Notice), the assets of
the Issuer are not expected to be sufficient to repay the principal of the
Reference Obligation under the relevant Transaction in full following
liquidation. CS has determined that a Failure to Pay Principal occurred in
respect to the Reference Obligation based on the Notice of Final Distribution
(the "Trustee Notice"), delivered by the trustee of the Reference Obligation,
dated 10 March 2008. The amount of the Floating Amount payable in respect of
this Failure to Pay Principal was, according to the Notice, based on information
available to CS, which indicates that although CS does not know the exact timing
of the final distribution of the Issuer's assets (which will be the Final
Amortization Date under the Confirmation for the relevant Transaction), upon the
occurrence of the Final Amortization Date, there will be a Failure to Pay
Principal for the relevant Transaction and, as a result, a Floating Amount up to
the "Floating Amount" shown in Annex A to the Notice.

According to the Notice, CS may update the Notice as further information as to
the occurrence of the Final Amortization Date and the amount of the Principal
Shortfall Amount becomes available to CS. Such information may not become
available to CS until after the Final Amortization Date.

Copies of the Notice will be available for physical inspection and collection
free of charge during usual business hours on any weekday (Saturdays, Sundays
and public holidays excepted) at the specified office of the Issuer, the
Principal Paying Agent in London and the specified office of the Irish Paying
Agent for so long as any of the Notes shall remain outstanding (unless otherwise
indicated).

Given by the Issuer.

Enquiries:

Matheson Ormsby Prentice Ulrich Steynberg

Phone: +353 1 232 2272

COMPANY ANNOUNCEMENT

10 April 2008

Magnolia Finance VI plc (the "Issuer")

Re: Notice of Floating Amount (Failure to Pay Principal)

Series 2007-1 USD 40,000,000 ABS Portfolio Variable Notes due February 2052
(ISN: XS0288145187) (the "Notes")

We hereby notify you that, on 8 April 2008, Credit Suisse, Cayman Islands Branch
("CS") has delivered to the Issuer in respect of the Notes, a notice of Floating
Amount (Failure to Pay Principal) dated 8 April 2008 (the "Notice") relating to
Reference Entity CETUS 2006-3A C1 and the Reference Obligation identified by
CUSIP 15719RAF7 (the "Reference Obligation") in accordance with the Credit Swap
Transaction relating to the Notes dated 21 February 2007 between CS and the
Issuer. Terms not otherwise defined herein shall have the meanings given to them
in the Constituting Instrument dated 21 February 2007 in relation to the Notes
(the "Constituting Instrument").

In the Notice, CS has notified the Issuer that it understands that an event of
default has occurred under the indenture for the Reference Obligation under the
relevant Transaction. In particular, according to the Notice, based on the most
recent Servicer Report (attached to the Notice), the assets of the Issuer are
not expected to be sufficient to repay the principal of the Reference Obligation
under the relevant Transaction in full following liquidation. Accordingly,
although the exact timing of the final distribution of the Issuer's assets is
still uncertain (the specific date will be the Final Amortization Date under the
Confirmation for the relevant Transaction),CS expects that, upon the occurrence
of the Final Amortization Date, there will be a Failure to Pay Principal for the
relevant Transaction and, as a result, a Floating Amount equal to the Initial
Face Amount shown in Annex A to the Notice will be due to CS under the relevant
Transaction.

According to the Notice, CS may update the Notice as further information as to
the occurrence of the Final Amortization Date and the amount of the Principal
Shortfall Amount becomes available to CS. Such information may not become
available to CS until after the Final Amortization Date.

Copies of the Notice will be available for physical inspection and collection
free of charge during usual business hours on any weekday (Saturdays, Sundays
and public holidays excepted) at the specified office of the Issuer, the
Principal Paying Agent in London and the specified office of the Irish Paying
Agent for so long as any of the Notes shall remain outstanding (unless otherwise
indicated).

Given by the Issuer.

Enquiries:

Matheson Ormsby Prentice Ulrich Steynberg

Phone: +353 1 232 2272

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

This information is provided by RNS
The company news service from the London Stock Exchange
END

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