Invesco Euro CLO III DAC: 22 December 2019
The assets securing the notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by Invesco European RR L.P. (the Collateral Manager).
Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, an Unsecured Senior Bond, a Mezzanine Obligation, a Second Lien Loan, a Corporate Rescue Loan, or a High Yield Bond; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan, it has a Fitch Rating of not lower than "CCC" and a S&P Rating of not lower than "CCC"; it is an obligation in respect of which the Obligor (or the guarantor of such obligation) is Domiciled in a Qualifying Country, as determined by the Collateral Manager; it is not a Project Finance Loan; if it is a Revolving Obligation or Delayed Drawdown Collateral Debt Obligation, it can only be drawn in Euro; it shall have been acquired by the Issuer for a purchase price of not less than 60.0 per cent of the par value thereof, unless such obligation is a Swapped Non-Discount Obligation.
The Issuer anticipates that, by the Issue Date, it or the Collateral Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €360mln, which is approximately 90.0% of the Target Par Amount.
The Notes are being offered by the Issuer through Barclays Bank plc in its capacity as Initial Purchaser of the offering of such Notes.
EU Risk Retention: The Collateral Manager shall act as Retention Holder for the purposes of the EU Retention Requirements. On the Issue Date, the Collateral Manager will undertake to acquire and hold on an on-going basis a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated Notes.