Toro European CLO 6: 08 September 2019

The assets securing the Notes will consist primarily of a portfolio of Senior Secured Loans, Senior Secured Bonds, Mezzanine Obligations, Unsecured Obligations, Second Lien Loans and High Yield Bonds, in respect of which Chenavari Credit Partners LLP is acting as the investment manager.

Eligibility criteria (includes): it is a Senior Secured Loan, Senior Secured Bond, Second Lien Loan, Mezzanine Obligation, Unsecured Obligation or High Yield Bond; it is (i) denominated in Euro or (ii) denominated in a Qualifying Currency other than Euro; unless it is a Corporate Rescue Loan, it is not an obligation which has an S&P Rating lower than “CCC-” or an Fitch Rating lower than “CCC-”; it is an obligation of an Obligor or Obligors Domiciled in an Eligible Country; it is not a lease; it is not a Structured Finance Obligation, Synthetic Security, Zero-Coupon Security, Step-Up Coupon Security, Step-Down Coupon Security, Deferring Security or Project Finance Loan; it has an S&P Rating and a Fitch Rating; if it is a Revolving Obligation or a Delayed Drawdown Obligation it can only be drawn in Euro.

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 €310 million (representing 88% of the Target Par Amount).

The Notes are being offered by the Issuer on the Issue Date through Morgan Stanley & Co. International plc in its capacity as initial purchaser of the Notes, subject to prior sale.


EU Risk Retention: The Retention Holder will undertake to acquire on the Issue Date and hold on an ongoing basis for so long as any Class of Notes remains outstanding, a material net economic interest of not less than 5% of the nominal value of each Class of Notes.

US Risk Retention: The Retention Notes will be purchased by the Retention Holder (Taurus Corporate Financing LLP) on the Issue Date. For the purpose of the U.S. Risk Retention Rules, such Retention Notes are intended to constitute an “eligible vertical interest” in the form of 5% of the initial principal amount of each Class of Notes.

Taurus Corporate Financing LLP (the Retention Holder and the Originator) is a limited liability partnership established in Guernsey as a self-managed originator entity. It is registered with the Guernsey Financial Services Commission as a Non-Regulated Financial Services Business. The Originator has established the Corporate Loans Business Unit, which is its business line for investment in corporate debt obligations.