Carlyle Euro CLO 2018-1: 02 May 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 CELF Advisors LLP.
CELF is a subsidiary of an affiliate of The Carlyle Group LP. The Carlyle Group is a global alternative asset manager with approximately $195 billion of assets under management across 317 investment vehicles, as of 31 December 2017.
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 (in each case, which is not a sub-participation of a sub-participation); it is not a Structured Finance Security or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security or Step-Up Coupon Security; other than in the case of a Corporate Rescue Loan, it has an S&P 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 Bridge 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 equal to at least €425mln, which is approximately 100% of the Target Par Amount.
The Notes (other than the Retention Notes) are being offered by the issuer through Barclays Bank plc in its capacity as initial purchaser of the offering of such Notes.
CRR 405: The Collateral Manager shall act as the Retention Holder for the purposes of the EU Retention Requirements. On the Issue Date the Collateral Manager will, for so long as any Notes are outstanding, undertake to subscribe for and retain a material net economic interest in the first loss tranche of not less than 5% of the securitised exposures within the meaning of paragraph 1(d) of Article 405 of the CRR, paragraph (1)(d) of Article 51 of the AIFMD Retention Requirements and paragraph 2(d) of Article 254 of the Solvency II Retention Requirements by subscribing for and holding, on an ongoing basis, Subordinated Notes.