Elizabeth Finance 2018: 29 August 2018
A commercial loan securitisation, where the principal source of payment of interest on the notes, and of repayment of principal on the notes, will be interest, principal and prepayment fee amounts arising out of (i) the £69,940,000 facility agreement entered into with, among others, the Maroon Borrowers on 29 November 2017; and (ii) the £21,170,000 facility agreement entered into with, among others, the MCR Borrower on 17 April 2018 in each case by Goldman Sachs International Bank (the Loan Seller).
The Maroon loan is a refinancing of an existing portfolio of three regional town-centre dominant shopping centres owned by Sabal Financial (the asset management arm of Oaktree Capital Management) since December 2013. Two of assets are located in England, with one asset located in Scotland.
The MCR loan is a refinancing of Universal Square, a flexible, modern office campus destination in Manchester, owned by MCR Property Group since December 2015.
Portfolio .....................................Maroon.....................................MCR
Loan Amount (£mm)....................69.59 ......................................21.12
Appraised Amount (£mm)..........104.70 ......................................31.40
LTV...............................................66.5%.....................................67.3%
Occupancy...................................92.9%......................................84.4%
EU Risk Retention: Goldman Sachs International Bank, as original lender under the Loans, will retain a material net economic interest of at least 5% in the securitisation in accordance with (i) Article 405(1)(a) of Regulation (EU) No. 575/2013 (the Capital Requirements Regulation; (ii) Article 51(1)(a) of Regulation (EU) No 231/2013; and (iii) Article 254(2)(a) of Regulation (EU) 2015/35. As at the Closing Date, such interest will consist of an interest in each Class of Notes.
US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
Compare/contrast: Taurus 2018-2 UK DAC, Proteus RMBS DAC