Ares European CLO XI BV: 28 April 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 Ares European Loan Management LLP.
Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is not a Defaulted Obligation or a Credit Risk Obligation; it is not a lease; it is not a Structured Finance Security, a letter of credit, a Synthetic Security or a Participation of a Participation; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; it has a Fitch Rating of not lower than “CCC-” and a Moody’s Rating of not lower than “Caa3”; 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); it is not a Project Finance Loan.
The Issuer anticipates that by the Issue Date it, or the Collateral Manager on its behalf, will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €315mln, which is approximately 70.0% of the Target Par Amount.
The Notes (other than the Retention Notes) are being offered by the Issuer through Citigroup Global Markets Limited in its capacity as placement agent of the offering of the Notes.
EU Risk Retention: The Collateral Manager, in its capacity as Retention Holder, will undertake to retain a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated Notes.