St Paul's CLO III - Refinance: 16 February 2018
The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Intermediate Capital Managers Limited.
The Class A-R Notes, the Class B-1-R Notes, the Class B-2-R Notes, the Class C-R Notes, the Class D-R Notes, the Class E-R Notes and the Class F-R Notes together with the Subordinated R Notes will be issued and secured pursuant to a trust deed dated on or about 8 February 2018.
Eligibility Criteria (includes): it is a Secured Senior Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; is not convertible into or payable in any other currency; it is not a Defaulted Obligation, a Credit Risk Obligation or a Deferring Security; it is not a Structured Finance Security or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan or an Issue Date Concordia Obligation, it has a Fitch Rating of not lower than “CCC” and a Moody’s Rating of not lower than “Caa3”; it is not a Step–Down Coupon Security; it is not a Project Finance Loan; it is not a letter of credit.
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 equal to at least €425mln which is approximately 77.2% of the Target Par Amount.
The notes are being offered by the issuer through Deutsche Bank AG, London Branch in its capacity as initial purchaser of the notes subject to prior sale.
CRR 405: Intermediate Capital Managers Limited shall act as Retention Holder for the purposes of the EU Retention Requirements. The Retention Holder will undertake and agree to acquire on the Issue Date and retain in its capacity as originator on an ongoing basis for so long as any Class of Notes remains outstanding, a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated-R Notes with an original Principal Amount Outstanding such that the aggregate purchase price thereof equals or exceeds 5% of the Collateral Principal Amount.