BlackRock European CLO VII: 16 December 2018
The assets securing the notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by BlackRock Investment Management (UK) Limited.
Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, a Corporate Rescue Loan, or a High Yield Bond; it is not a Defaulted Obligation 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; it is an obligation of an Obligor who is Domiciled in a jurisdiction the Moody’s local currency country risk ceiling of which is “A3” or above; it is an obligation in respect of which the Obligor (or the guarantor of such obligation) is Domiciled in a Qualifying Country, as determined by the Collateral Manager; it is not a Project Finance Loan; it is not a Step-Down Coupon Security; other than in the case of a Corporate Rescue Loan, it has a Fitch Rating of not lower than “CCC-” and a Moody’s Rating of not lower than “Caa3”.
The Issuer anticipates that by the Issue Date it, or the Collateral Manager on its behalf, will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €320mln, which is approximately 80.0% of the Target Par Amount.
The Notes are being offered by the Issuer through Barclays Bank PLC in its capacity as placement agent of the offering of such Notes.
EU Risk Retention: On the Issue Date, the Collateral Manager, in its separate capacity as Retention Holder, acting for its own account, will undertake to subscribe for and hold on an ongoing basis, as sponsor, not less than 5.0% of the nominal value of each of the tranches sold or transferred to investors within the meaning of paragraph 1(a) of Article 405 of the CRR, paragraph 1(a) of Article 51 of the AIFMD Level 2 Regulations and paragraph 2(a) of Article 254 of the Solvency II Level 2 Regulation.