Armada Euro CLO III: 21 December 2018

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Brigade Capital Europe Management LLP. Brigade was formed in 2006 and exists as an asset management firm focusing on high yield, distressed debt and leveraged loans. As of 1 June 2017, Brigade had approximately U$18.3bln under management.

At least 90% of the portfolio must consist of senior secured loans and senior secured bonds and up to 10% of the portfolio may consist of unsecured senior loans, second-lien loans, mezzanine obligations and high yield bonds. The portfolio is expected to be at least 50% ramped up as of the closing date and to be comprised predominantly of corporate loans to obligors domiciled in Western Europe.