Jubilee CLO 2019-XXII B.V.: 03 June 2019
The assets securing the notes will consist predominantly of a portfolio of Secured Senior Loans, Secured Senior Bonds, Unsecured Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Alcentra Limited.
Alcentra’s investment management and advisory subsidiaries have approximately $37.0bln of AUM1 (including approximately $12.8bln in United States assets and $24.2bln in European assets) across over 71 funds and accounts including CLOs, direct lending, mezzanine debt funds, managed accounts and open-ended funds in both U.S. dollars and Euro.
Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is not a lease; it is not a Structured Finance Security, a pre-funded letter of credit or a Synthetic Security; it is not a Zero Coupon Security; it has a Fitch Rating of not lower than “CCC-” and a Moody’s Default Probability Rating of not lower than “Caa3” (in each case unless it is a Corporate Rescue Loan); it is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Investment Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it is not a Bridge Loan; it is not a PIK Security; is purchased at a price not less than 60% of par.
The Issuer anticipates that, by the Issue Date, the Investment Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is at least Eur360mln, representing approximately 90.0% of the Target Par Amount.
EU Risk Retention: Alcentra Viaduct Fund (Master Fund) L.P., the Retention Holder, will act as originator and retention holder for the purposes of the EU Retention and Disclosure Requirements. The Retention Holder's core investment strategy is to act as an EU-compliant originator and, as applicable, the "sponsor" under the U.S. Risk Retention Rules of all newly issued Alcentra-managed European and certain Alcentra-managed U.S. CLOs. In furtherance of this strategy the Retention Holder will contribute more than 50.0% of the total securitised exposures to, and ultimately provide the required risk retention capital for, such CLOs by purchasing CLO equity at least equal to 5% of the nominal value of the assets comprising such CLOs.
US Risk Retention: As of the Issue Date the Retention Holder, by virtue of having originated and having sold assets to the Issuer, will retain the U.S. Retained Interest as "sponsor" under the U.S. Risk Retention Rules.