Cairn CLO VIII B.V.: 12 November 2017
The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by Cairn Loan Investments LLP.
Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is (i) denominated in Euro or (ii) is denominated in a Qualifying Currency other than Euro; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a lease; it is not a Structured Finance Security, pre-funded letter of credit or a Synthetic Security; it is not a Project Finance Loan; if it is a Revolving Obligation or Delayed Drawdown Collateral Debt Obligation, it can only be drawn in Euro; it is not a Step-Down Coupon Security.
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Debt Obligations, the Aggregate Principal Balance of which is approximately equal to at least €245mln which is 70.0% of the Target Par Amount.
The Notes are being offered by the Issuer through Goldman Sachs International in its capacity as placement agent of the offering of such Notes
CRR 405: The Investment Manager shall act as Retention Holder for the purposes of the EU Retention Requirements as a “sponsor”. On the Issue Date, the Retention Holder will undertake to subscribe for and retain, on an ongoing basis for as long as a Class of Notes remains Outstanding, Class M-1 Notes with a Principal Amount Outstanding equal to not less than 5% of the greater of (i) the Aggregate Collateral Balance and (ii) the Target Par Amount in accordance with paragraph 1(d) of Article 405 of the CRR, paragraph 1(d) of Article 51 of European Union Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 and paragraph 2(d) of Article 254 of the Solvency II Retention Requirements.