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Accunia European CLO II: 02 November 2017


The assets securing the notes will consist of a portfolio of primarily Senior Loans, Second Lien Loans, Secured Senior Bonds and High Yield Bonds, and will be managed by Accunia Fondsmæglerselskab A/S.

Accunia Fondsmæglerselskab A/S is an investment company with an emphasis on investments in the European credit market, comprising the CLO management business and a wealth and asset management business focusing on both private and institutional clients.

Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, an Unsecured Senior Loan, a Second Lien Loan or a High Yield Bond; it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security; it is not a lease; it is not a Mezzanine Obligation, a Bridge Loan, a Structured Finance Security, a pre-funded letter of credit or a Synthetic Security; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; other than in respect of a Corporate Rescue Loan, it is an obligation which has a Moody’s Rating of “B3” or higher and an S&P Rating of “B-” or higher; it is not a Project Finance Loan.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations, the Aggregate Principal Balance of which is approximately 70.0% of the Target Par Amount. The notes are being offered by the Issuer through Deutsche Bank AG, London Branch or an affiliate thereof in its capacity as initial purchaser of the notes.


CRR 405: The Retention Holder (Accunia Fondsmæglerselskab A/S) will, for so long as any notes are outstanding, undertake to subscribe for (on the Issue Date and on the issue date of each additional issuance of notes), hold and retain on an ongoing basis a material net economic interest in the form specified in paragraph (a) of Article 405(1) of the CRR of no less than 5% of the nominal value of each of the tranches sold or transferred to the investors by subscribing for and holding, on an ongoing basis, no less than 5% of the Principal Amount Outstanding of each Class of Notes then outstanding.

U.S. Risk Retention: On the Issue Date, the Retention Holder will purchase 5% of the aggregate principal amount of each Class of the Notes as an “eligible vertical interest” under the U.S. Risk Retention Rules.