Crosthwaite Park CLO DAC: 02 March 2019
The assets securing the Notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Blackstone / GSO Debt Funds Management Europe Limited.
Eligibility criteria (includes): it is a Secured Senior Obligation (which may include a PIK Security), a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation (which may include a PIK Security), a Second Lien Loan (which may include a PIK Security) or a High Yield Bond; it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security; it is not a lease; it is not a Structured Finance Security, a Letter of Credit or a Synthetic Security; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; other than in the case of a Corporate Rescue Loan, it is an obligation which has a Moody’s Rating of “Caa3” or higher and a Fitch Rating of “CCC-” or higher; is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Collateral Manager acting on behalf of the Issuer).
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations (including the Issue Date BGCF Assets acquired pursuant to the BGCF Participation Deed) representing approximately 80.0% of the Target Par Amount.
The Notes are being offered by the Issuer through each of GreensLedge Capital Markets Europe LLP and NatWest Markets Plc in their capacity as joint placement agents of the offering of such Notes.
EU Risk Retention: Blackstone / GSO Corporate Funding Designated Activity Company will enter into the Retention Undertaking Letter that it will retain certain of the Subordinated Notes in connection with the EU Retention Requirements.
US Risk Retention: In addition, BGCF will also retain certain of the Subordinated Notes in order to satisfy the U.S. Risk Retention Rules