Bilbao CLO I: 27 June 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 Guggenheim Partners Europe Limited.
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 either (A) denominated in Euro or (B) is denominated in a Qualifying Currency; is not a Defaulted Obligation or a Credit Risk Obligation; is not a lease; is not a Structured Finance Security or a Synthetic Security; is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan, it has an Fitch Rating of not lower than "CCC" and a Moody’s Rating of not lower than "Caa3"; is not a Step-Down Coupon Security; is not a Project Finance Loan; is not a Letter of Credit; 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, the Aggregate Principal Balance of which is equal to at least €400mln which is 100% of the Target Par Amount.
CRR 405: In accordance with the EU Retention Requirements, the Collateral Manager will for so long as any notes are outstanding undertake to retain a material net economic interest of not less than 5% of the nominal value of each Class of Notes by subscribing for and holding, on an ongoing basis, no less than 5% of the Principal Amount Outstanding of each Class of Notes.