Milltown Park CLO: 14 June 2018
The assets securing the notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Blackstone / GSO Debt Funds Management Europe Limited.
Eligibility criteria (includes): it is a Secured Senior Obligation (which may include a PIK Security), a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation (which may include a PIK Security), a Second Lien Loan (which may include a PIK Security) or a High Yield Bond; it is not a Defaulted Obligation, a Credit Risk Obligation or an Equity Security, including any obligation convertible into an Equity Security; it is not a Structured Finance Security, a Letter of Credit or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; other than in the case of a Corporate Rescue Loan, it is an obligation which has a Moody’s Rating of “Caa3” or higher and a Fitch Rating of “CCC-” or higher; it is not a Project Finance Loan; it has a minimum purchase price of 60.0% of the Principal Balance.
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations representing approximately 70.0% of the Target Par Amount.
The notes are being offered by the Issuer through Merrill Lynch International in its capacity as initial purchaser of the notes.
CRR 405: In accordance with the EU Retention Requirements, Blackstone / GSO Corporate Funding, in its capacity as the originator, will undertake that on the Issue Date it will acquire and hold on an ongoing basis for so long as any class of notes remains outstanding Subordinated Notes with an original Principal Amount Outstanding, multiplied by the Issue Price at which such Subordinated Notes were purchased by BGCF, which total shall be equal to or greater than 5.0% of the greater of the Target Par Amount and the Collateral Principal Amount on the relevant date of determination.
U.S. Risk Retention: The Collateral Manager and the Retention Holder intend to rely on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.