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Taurus 2019-1 FR DAC: 18 April 2019


The Issuer will make payments on the notes from payments of principal and interest received by the Issuer under a loan advanced by the Loan Seller to the Senior Borrowers. On the Closing Date, the Issuer will acquire an approximately 95.0% interest in the Loan. The Loan will be secured by, among other things, a portfolio of commercial properties located throughout France.

The senior borrowers are: Borrower 1 - the legal and commercial name of Borrower 1 is ColPower; Borrower 2 - the legal and commercial name of Borrower 2 is ColPowerSister; Borrower 3 – the legal and commercial name of Borrower 3 is ColMDB.

The portfolio is geographically diverse with properties located in 18 regions in France, and comprises of 206 predominantly office properties. The properties have an average build year of 1972 and the lettable area is mainly let to the majority state-owned (83.7% as at 31 December 2018) Electricité de France and their 100% owned independent subsidiary Enedis. The total lettable area of the subject portfolio amounts to 415,577 sqm and is currently let at a level of approximately 95.4%.


EU Risk Retention: Bank of America Merrill Lynch International DAC, as original lender, will retain a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 of Regulation (EU) 2017/2402 (the Securitisation Regulation). As at the Closing Date, such interest will be held in the form of a pari passu interest of a not less than 5% of the nominal value of the Loan in accordance with Article 6 of the Securitisation Regulation.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.


Compare/contrast: Arrow CMBS 2018