Jubilee CLO 2018-XXI B.V.: 16 December 2018
The assets securing the notes will consist predominantly of a portfolio of Secured Senior Loans, Secured Senior Bonds, Unsecured Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Alcentra Limited.
Alcentra’s investment management and advisory subsidiaries have approximately $37.4bln of AUM1 (including approximately $14.4bln in United States assets and $23.0bln in European assets) across over 90 funds and accounts including CLOs, direct lending, mezzanine debt funds, managed accounts and open-ended funds in both U.S. dollars and Euro.
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; it is not a lease; it is not a Structured Finance Security, a pre-funded letter of credit or a Synthetic Security; it is not a Zero Coupon Security; it has a Fitch Rating of not lower than “CCC-” and a Moody’s Default Probability Rating of not lower than “Caa3” (in each case unless it is a Corporate Rescue Loan); it is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Investment Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it is not a Bridge Loan; it is not a PIK Security; is purchased at a price not less than 60% of par.
The Issuer anticipates that, by the Issue Date, the Investment Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is at least Eur285mln, representing approximately 71.0% of the Target Par Amount.
EU Risk Retention: the Retention Holder will undertake to subscribe for, hold and retain on an ongoing basis, for so long as any Class of Notes remains outstanding, not less than 5% of the outstanding nominal value of each Class of Notes within the meaning of paragraph 1(a) of Article 405 of the CRR, Article 51(1)(a) of the AIFMD and paragraph 2(a) of Article 254 and Article 256 of Solvency II.