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Taurus 2020-1 NL DAC: 14 March 2020

A stand-alone transaction, where the Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under term loans advanced by the Original Senior Lender on the First Utilisation Date to the Borrowers pursuant to the Senior Facilities Agreement. The Senior Loan will be secured by, among other things, a portfolio of mostly office, light industrial and logistics properties located throughout the Netherlands.

The Property Portfolio collateral comprises 105 properties situated throughout the Netherlands. Combined, the Property Portfolio offers approximately 687,264 sqm of total lettable area (GLA) which is let to over 700 tenants and is approximately 83.9% occupied. The Property Portfolio generates c. €67.9m4 of gross rental income (GRI) with a weighted average unexpired lease term (WAULT) of 4.0 years and a weighted average unexpired lease term to first break (WAULTB) of 3.7 years.

The Property Portfolio comprises 76 office assets which account for 83.5% of the Market Value and generate 82.1% of the Property Portfolio’s GRI (the Office Portfolio). The remaining 29 assets are urban logistics assets accounting for 16.5% of the total Market Value and 17.9% of the GRI (the Urban Logistics Portfolio). The Property Portfolio is diversified with the largest asset Herikerbergweg 1-35, located in Amsterdam, accounting for 5.2% of the Property Portfolio’s Market Value. No other Property accounts for more than 5% of Market Value.

EU & US Risk Retention: For the purposes of satisfying U.S. and EU risk retention requirements, Bank of America, N.A., London Branch (the Retaining Sponsor and the Issuer Lender) will advance a euro loan (the Issuer Loan) to the Issuer on the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to €32,675,526.32, being equal to not less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loan, each as at the Closing Date.
Bank of America, N.A., London Branch, as an originator in respect of the Securitised Senior Loan, 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. Bank of America, N.A., London Branch, as the "retaining sponsor" (as defined in the U.S. Risk Retention Rules) for the transaction, intends to satisfy the U.S. Risk Retention Rules by acquiring on the Closing Date and retaining a "single vertical security" in the Issuer, with an aggregate balance of approximately €32,675,526.32 as of the Closing Date in the form of the Issuer Loan. The Issuer Loan will represent at least 5% of all "ABS interests".

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