Bilbao CLO III: 21 May 2020
The assets securing the notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Guggenheim Partners Europe Limited. GPEL is authorised by the Central Bank of Ireland as an investment firm and is a wholly owned indirect subsidiary of Guggenheim Capital LLC, a diversified financial services company. As of 31 December 2019, Guggenheim and its Affiliates had over 2,400 employees and over $215 billion of assets under management.
Eligibility criteria (includes): it is a Secured Senior Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond (in each case, which is not a sub-participation of a sub-participation); it is not a Defaulted Obligation or a Credit Risk Obligation; it is not a Structured Finance Security 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 an Fitch Rating of not lower than "CCC-" and an S&P Rating of not lower than "CCC-"; 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 Letter of Credit; it has a minimum purchase price of 60.0% of the Principal Balance of such Collateral 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 €245mln, which is 89.09% of the Target Par Amount.
The Notes are being offered by the Issuer through Citigroup Global Markets Limited in its capacity as placement agent of the offering of such notes, subject to prior sale.
EU Risk Retention: In respect of the EU Retention Requirements, the Collateral Manager (Guggenheim Partners Europe Limited) will, for so long as any Notes are outstanding, undertake to retain a material net economic interest of not less than 5% of the nominal value of each Class of Notes by subscribing for and holding, on an ongoing basis, no less than 5% of the Principal Amount Outstanding of each Class of Notes.