Cadogan Square CLO XI: 13 July 2018
The assets securing the notes will consist primarily of a portfolio of Secured Senior Loans, Secured Senior Bonds, Second Lien Loans, Mezzanine Obligations, High Yield Bonds, Corporate Rescue Loans and Unsecured Senior Obligations managed by the Portfolio Manager.
Credit Suisse Asset Management Limited (CSAM) will serve as the Portfolio Manager. CSAM is focused on alternatives, emerging markets, asset allocation and advisory solutions, and the present transaction is the eleventh European collateralised loan obligation managed by the Portfolio Manager or its Affiliates.
Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, 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 Participation of a Participation); it is not a Defaulted Obligation, Deferring Security or a Credit Impaired Obligation; it is not a lease; it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a Zero Coupon Security; if it is a Revolving Obligation or a Delayed Drawdown Obligation, it can only be drawn in Euro; it is not a Step-Down Coupon Security or Step-Up Coupon Security; it has a minimum purchase price of 55.0% of the Principal Balance of such Collateral Debt Obligation; it is not a Project Finance Loan.
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least Eur446.250mln, which is approximately 85.0% of the Target Par Amount.
The notes are being offered by the Issuer through Credit Suisse Securities (Europe) Limited in its capacity as initial purchaser of the offering of such Notes.
EU Risk Retention: The Portfolio Manager shall act as Retention Holder for the purposes of the EU Retention Requirements as a “sponsor” (as such term is defined in the CRR as at the Issue Date). The Retention Holder will for so long as any Class of Notes remains Outstanding subscribe for (at the initial issuance and each subsequent date of additional issuance of Notes) and retain on an ongoing basis and for its own account a material net economic interest in the transaction which will be comprised of not less than 5% of the Principal Amount Outstanding of each Class of Notes pursuant to paragraph 1(a) of Article 405 of the CRR, paragraph 2(a) of Article 254 of the Solvency II Retention Requirements and Article 51(1)(a) of the AIFMD.
US Risk Retention Rules: As of the date of the Offering Circular, neither the Portfolio Manager nor any of its affiliates will be required to comply with the U.S. Risk Retention Rules with respect to this transaction.