GLG Euro CLO III Limited: 02 August 2017
The assets securing the notes will consist predominantly of a portfolio of Secured Senior Loans, Secured Senior Bonds, Unsecured Senior Obligations, Mezzanine Obligations, High Yield Bonds, Corporate Rescue Loans and Second Lien Loans, and will be managed by GLG Partners LP.
The Investment Manager is an indirect wholly owned subsidiary of Man Group plc, and as at 31 March 2017 the GLG investment division of Man Group plc had funds under management of approximately US$28.8 billion. The Investment Manager is authorised and regulated by the FCA and is engaged in providing investment advice and execution service to select institutions and high net worth individuals worldwide, specialising in discretionary asset management.
Eligibility criteria (includes): it is either: (A) denominated in Euro; or (B) denominated in a Qualifying Currency; it is not a lease; it is not a Structured Finance Security, a pre-funded letter of credit or a Synthetic Security; it is not convertible into equity and it does not constitute Margin Stock; it is not a Project Finance Loan; it has a S&P Rating of not lower than “CCC-” and a Moody’s Default Probability Rating of not lower than “Caa3” (in each case unless it is a Corporate Rescue Loan).
The Issuer anticipates that, by the Issue Date, the Investment Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which will equal or exceed approximately €245mln, representing approximately 70.0% of the Target Par Amount.
CRR 405: The Retention Notes will be subscribed for by the Investment Manager as “originator” on the Issue Date and, in its capacity as Retention Holder, it will undertake to retain the Retention Notes in order to comply with the EU Retention Requirements.
U.S. Risk Retention: The Investment Manager intends to satisfy the Minimum Risk Retention Requirement by retaining an “eligible vertical interest” for purposes of the U.S. Risk Retention Rules.