Dryden XXXXXI (Euro CLO 2017): 20 May 2017
The assets securing the Notes will consist primarily of a portfolio of Secured Senior Loans, Secured Senior Bonds, High Yield Bonds and Unsecured Senior Obligations, and will be managed by PGIM Limited.
Eligibility criteria (includes): it would be a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Obligation, a High Yield Bond, a Mezzanine Obligation, a PIK Obligation, a Current Pay Obligation or a Second Lien Loan; it is not a lease (including a financial lease); it is not a Structured Finance Obligation, Synthetic Security or Letter of Credit; it is not a Step-Down Coupon Security; it is not a Zero Coupon Obligation; other than in the case of a Corporate Rescue Loan or a Current Pay Obligation, it has a Moody’s Rating of “Caa3” or higher and an S&P Rating of “CCC-” or higher; it is not a Project Finance Loan.
The Notes will be offered by the Issuer through Credit Suisse Securities (Europe) Limited in its capacity as initial purchaser of such Notes
CRR 405: Under the EU Risk Retention Letter, the Retention Holder will, for so long as any Class of Notes remains outstanding, undertake to, on the Closing Date, subscribe for and hold on an ongoing basis, as sponsor, not less than 5% of the nominal value of each of the tranches sold or transferred to investors within the meaning of paragraph 1(a) of Article 405 of the CRR.
The Retention Holder (the Collateral Manager) will on the Closing Date subscribe for, and intends to hold for as long as is required by the U.S. Risk Retention Rules, not less than 5% of the outstanding principal amount of each Class of Notes, with the intention of complying with the requirements for retaining an “eligible vertical interest” under the U.S. Risk Retention Rules as such rules apply as of the Closing Date.