Toro European CLO 2 (Refinance): 16 October 2018

The assets securing the Notes will consist primarily of a portfolio of Senior Secured Loans, Mezzanine Obligations, Unsecured Obligations, Second Lien Loans and High Yield Bonds, in respect of which Chenavari Credit Partners LLP is acting as investment manager.

On 28 September 2016 (the Original Issue Date), Toro European CLO 2 issued Class A Secured Floating Rate Notes due 2028, Class B Secured Floating Rate Notes due 2028, Class C Secured Deferrable Floating Rate Notes due 2028, Class D Secured Deferrable Floating Rate Notes due 2028, Class E Secured Deferrable Floating Rate Notes due 2028, Class F Secured Deferrable Floating Rate Notes due 2028 and Subordinated Notes due 2028.

On or about 15 October 2018 (the re-issue Date) the Issuer will, subject to certain conditions, refinance the notes by issuing Class X Secured Floating Rate Notes due 2030, Class A-R Secured Floating Rate Notes due 2030, Class B-1R Secured Floating Rate Notes due 2030, Class B-2-R Secured Fixed Rate Notes due 2030, Class C-R Secured Deferrable Floating Rate Notes due 2030, Class D-R Secured Deferrable Floating Rate Notes due 2030, Class E-R Secured Deferrable Floating Rate Notes due 2030 and Class F-R Secured Deferrable Floating Rate Notes due 2030. The Subordinated Notes will not be redeemed and will remain outstanding from and after the Issue Date.