North Westerly VI B.V. CLO: 11 January 2020
The assets securing the notes will consist of a portfolio of Secured Senior Loans, Secured Senior Bonds, Unsecured Senior Obligations, Mezzanine Obligations, Second Lien Loans, Corporate Rescue Loans and High Yield Bonds, and will be managed by NIBC Bank N.V.
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 Structured Finance Security or a Synthetic Security; it is not a Zero Coupon Obligation; it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security; it 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; it is not a Step-Down Coupon Obligation; it is not a PIK Obligation.
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €340mln, which is approximately 85.0% of the Target Par Amount.
EU Risk Retention: The Retention Holder (NIBC Bank N.V.) will subscribe for or purchase (as applicable) the Retention Notes, and will undertake to subscribe for, hold and retain, on an ongoing basis, for so long as any Class of Notes remains outstanding, a material net economic interest in the form specified in Article 6(3)(a) of the Securitisation Regulation of not less than 5% of the outstanding nominal value of each of the tranches sold or transferred to investors on the Issue Date.