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Mortgage Investment Fund Facing Margin Calls

Carlyle default on lending agreements

March 10, 2008

By MortgageDaily.com staff


Carlyle Capital Corporation LTD has warned that it is in default on its financing agreements.

The New York-based company announced today that its lenders have reduced financing on its holdings of U.S. government agency AAA-rated residential mortgage-backed securities. As a result, it was hit with more than $400 million in margin calls.

Carlyle blamed recent RMBS market turmoil for the recent events.

"The company, with the assistance of The Carlyle Group, is continuing to meet with its lenders to discuss the current situation and is evaluating all available options to maximize value for all interested parties," today's statement said. "The company is also continuing to work with the various regulatory agencies to keep them informed of recent events."

The Carlyle Group has already provided a $150 million subordinated revolving credit line to the fund.

The investment fund, managed by Carlyle Investment Management LLC, also noted its lenders have advised it that it is in default under its financing agreements and may have liquidated some of the collateral securing the $5 billion outstanding.

No deficiency notices have reportedly been received by Carlyle, which added that it is unaware of any legal actions initiated against it.

"The company is in ongoing negotiations with the remaining lenders, who hold approximately $16 billion in securities, and, if a mutually beneficial agreement is not reached, some of these lenders may also liquidate their securities," the announcement stated. "While these talks continue, the company has discussed and requested a standstill agreement whereby its lenders would refrain from foreclosing and liquidating their collateral, and we are awaiting responses."

Carlyle said it has sold nearly $1 billion in non-RMBS assets since August to improve liquidity.

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