Adagio CLO VII DAC: 15 September 2018

Adagio CLO VII is another cash flow CLO to be managed by AXA Investment Managers, where the portfolio will consist of mainly euro-denominated leveraged loans and bonds. The portfolio can contain senior secured bonds and senior secured loans, second-lien loans, unsecured senior obligations, mezzanine obligations, high yield bonds and PIK securities. The transaction will feature a 4.25 year reinvestment period.

Portfolio Profile Tests (include): Minimum % of senior secured loans – 70%; Maximum % of non-euro obligations – 2.5%; Maximum % of assets rated ‘CCC’ or lower by Fitch – 7.5%; Maximum of obligations denominated in US$ - 20.0%; Maximum % of unsecured senior obligations, second lien loans, mezzanine obligations and/or high yield bonds – 10.0%.

At closing, the portfolio is expected to be around 69% ramped up