Ocean Trails CLO 8 LLC: 18 July 2020
The investment portfolio will consist primarily of bank loans and participation interests in bank loans. The portfolio will be managed by Five Arrows Managers North America LLC.
The Asset Manager was formed in 2005 to acquire certain CDO asset management contracts from ING Capital Advisors, LLC. As of 9 September 2015, all of the ownership interests of the Asset Manager were acquired by Rothschild & Co North America Holdings, Inc. On 8 July 2016, the name of the Asset Manager was changed to Five Arrows Managers North America LLC from West Gate Horizons Advisors, LLC. The Asset Manager also does business under the name Rothschild & Co Credit Management (North America). As of 19 June 2020, the Asset Manager had approximately $1.4bln in assets under management within 4 CLO Vehicles and in connection with the Warehouse Facility.
Eligibility criteria (includes): is an assignment of a Senior Secured Loan, Second Lien Loan or an Unsecured Loan; is not a Corporate Bond; is eligible to be sold, assigned or participated to the Issuer and pledged to the Trustee; is an obligation of an obligor that is Domiciled in a Recovery Approved Country; does not have an interest rate that steps down solely because of the passage of time; does not require future advances to be made to the obligor in accordance with its Underlying Instrument unless it is a Credit Facility; is not a Bridge Loan or a Middle Market Loan; is not a Synthetic Letter of Credit or other letter of credit; is not a lease.
The Notes will be sold at negotiated prices determined at the time of sale.
EU Risk Retention: Five Arrows Global Loan Investments plc shall act as E.U. Retention Holder for the purposes of the E.U. Risk Retention and Transparency Requirements.
US Risk Retention: For purposes of this transaction, as a result of its direct and/or indirect transfer of assets to the Issuer, GLI is expected to be considered, and has agreed to act as, a "sponsor" for purposes of the U.S. Risk Retention Rules. As of 26 June 2020, it is expected that the U.S. Retention Holder will acquire $26.5mln in principal amount of the Subordinated Notes as the U.S. Retention Interest.