Taurus 2019-4 FIN DAC: 18 December 2019

A stand-alone transaction where 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 Borrowers pursuant to the Senior Facilities Agreement. On the Closing Date, the Issuer will acquire a 100% interest in the Senior Loan pursuant to the Loan Sale Documents. The Senior Loan will be secured by, among other things, three office and retail properties located throughout Finland.

The Properties are part of a wider portfolio owned by Sponda plc, a Finnish real estate company which Blackstone acquired in July 2017 through a public-to-private takeover amid its strategy of investing in high-quality real estate assets and businesses across the Nordic region.

The Property Portfolio consists of two recently developed retail and office properties, each completed in 2018, together with an ongoing development project which is approximately 80.1% pre-let and scheduled to be completed in Q2 2020. The properties are located in Tampere, the second-largest urban area in Finland after the Helsinki Metropolitan Area, and Vantaa, which forms part of the Helsinki Metropolitan Area.

EU Risk Retention: Bank of America Merrill Lynch International, as original lender, will retain a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 6(1) of Regulation (EU) 2017/2402 (the Securitisation Regulation). As at the Closing Date, such retained material net economic interest will comprise not less than 5% of the nominal value of each of the tranches sold or transferred to investors in accordance with Article 6(3)(a) of the Securitisation Regulation.

US Risk Retention: This securitisation transaction is intended to comply with the credit risk retention requirements of Regulation RR.

Compare/contrast: European Loan Conduit No. 35 (EOS), Frosn 2018