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Harvest CLO XXI: 23 March 2019

The assets securing the notes will consist of a portfolio of Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Unsecured Senior Obligations, Mezzanine Obligations, Corporate Rescue Loans and High Yield Bonds, and will be managed by Investcorp Credit Management EU Limited.

The Portfolio Manager (previously known as 3i Debt Management Investments Ltd) is part of Investcorp S.A., and as at 30 June 2018 ICM had approximately €9.8bln of assets under management across 29 different funds with a team of approximately 50 professionals investing in over 550 companies.

Eligibility criteria (includes): it is a Senior Secured Loan, Senior Secured Bond, Second Lien Loan, Unsecured Senior Obligation, Mezzanine Obligation or High Yield Bond; other than a Corporate Rescue Loan, it is not a Defaulted Obligation or a Credit Impaired Obligation or a Collateral Debt Obligation which in the Portfolio Manager’s judgement has a significant risk of declining in credit quality and becoming a Defaulted Obligation; it has been assigned or otherwise has a Moody’s Rating of at least “Caa3” and a Fitch Rating of at least “CCC-” (other than in respect of a Corporate Rescue Loan); it is not a lease; it is not convertible into equity; it is not a Synthetic Security; it is not a Structured Finance Security; it is not a Project Finance Loan; it is not a Bridge Loan.
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which equals approximately 90% of the “Target Par Amount” (this being approximately €360mln).

The notes will be issued at a maximum issue price of 100.00% of the principal amount thereof. The notes are being offered by the Issuer through Barclays Bank plc or an affiliate thereof in its capacity as sole arranger and initial purchaser of the offering of the notes.

EU Risk Retention: The Portfolio Manager shall act as Retention Holder for the purposes of the EU Retention and Transparency Requirements. The Retention Holder will subscribe for and retain, on an ongoing basis and for its own account, a material net economic interest in the transaction which will be comprised of not less than 5% of the Principal Amount Outstanding of each Tranche of Notes pursuant to paragraph 3(a) of Article 6 of the Securitisation Regulation for the purposes of complying with the EU Retention and Transparency Requirements as they apply as at the Issue Date and, for these purposes, any Class or Class of Notes ranking pari passu and pro rata shall constitute a single “Tranche”.

US Risk Retention: No party involved in the transaction intends to obtain on the Issue Date or retain any Notes intended to satisfy the U.S. Risk Retention Rules nor will any party included in the transaction seek to satisfy any requirements set forth under the U.S. Risk Retention Rules.