Zinnia Finance DAC: 15 May 2020

The assets securing the notes will consist of a portfolio of primarily Senior Loans, Secured Senior Bonds, Mezzanine Obligations, Second Lien Loans and High Yield Bonds, and will be managed by Redding Ridge Asset Management (UK) LLP. Redding Ridge was founded in 2016 and is a global asset management business.

Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, or a High Yield Bond (in each case, which is not a Participation of a Participation); it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security (other than at the Issuer’s option); it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a Zero Coupon Security or Step-Down Coupon Security; it has an S&P Rating of not lower than “CCC-” or a Moody’s Rating of not lower than “Caa3”; it is not a Project Finance Loan; it has a minimum purchase price of 60.0% of its Principal Balance.

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 at least €253mln, representing approximately 84.0% of the Target Par Amount.

The Notes are being offered by the Issuer through BNP Paribas in its capacity as Initial Purchaser of the Notes, subject to prior sale.

EU Risk Retention: Redding Ridge Asset Management (UK) LLP shall act as Retention Holder for the purposes of the EU Retention and Transparency Requirements and shall agree on the Issue Date to acquire and retain, on an on-going basis, a material net economic interest in the first loss tranche by way of holding Subordinated Notes with an aggregate Principal Amount Outstanding at any time of not less than 5% of the Collateral Principal Amount, for the purposes of complying with the EU Retention Requirements as they apply at the Issue Date.

US Risk Retention: The Collateral Manager will not retain the Minimum Risk Retention Requirement pursuant to the U.S. Risk Retention Rules provided, however, that the Collateral Manager in its capacity as Retention Holder will retain the Retention Notes on the Issue Date with the intention of complying with the EU Retention Requirements.

Compare: RRE 3 Loan Management DAC