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No. The Auction Manager provides to each Qualified Bidder a notification of qualification that includes the requirements for presenting pre-auction security with the Part 2 Application. These requirements are based on the financial information provided in the Part 1 Application. In particular, a Qualified Bidder that named a Guarantor in the Part 1 Application is required either
- to provide a Pre-Auction Letter of Credit in an amount of $500,000 per tranche of the indicative offer at the maximum starting price and a Letter of Intent to Provide a Guaranty in an amount of $1.9M per tranche of the indicative offer at the maximum starting price; or:
- to provide a Pre-Auction Letter of Credit in an amount of $2.4M per tranche of the indicative offer at the maximum starting price.
There is no mechanism or opportunity for the Qualified Bidder to request a creditworthiness assessment of another entity (including itself) after the Part 1 Application process is complete.
11/20/2023, in Pre-Auction Security.
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