St Paul's CLO X: 28 March 2019

A cash flow collateralised loan obligation, where the net proceeds from the Notes will be used to purchase a portfolio of mainly euro-denominated leveraged loans and bonds. Intermediate Capital Managers Limited will act as the Collateral Manager.

Portfolio criteria (includes): a minimum of 90% in senior secured obligations; a max of 10% in unsecured senior obligations, second-lien loans, mezzanine obligations and high-yield bonds; a max of 5% in participations; a max of 5% in PIKs; a max of 30% in cov-lite loans; a max of 20% in non-euro obligations.

The transaction will have a 4.5-year reinvestment period and a WA life of 8.5 years.