Deer Park CLO DAC: 18 September 2020

The assets securing the notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Blackstone / GSO Debt Funds Management Europe Limited.

Eligibility criteria (includes): it is a Secured Senior Obligation, an Exchanged Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan, a First Lien Last Out Loan or a High Yield Bond (in each case, which may include a PIK Security); other than in the case of a Corporate Rescue Loan, it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security; it is not a lease; it is not a Structured Finance Security, or a Letter of Credit, or a Synthetic Security; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; it is not a Project Finance Loan; it is not an obligation of a company where more than 50.0 per cent of revenue is derived from the production or marketing of controversial weapons (including antipersonnel landmines, cluster weapons, chemical and biological weapons), development of nuclear weapon programs or production of nuclear weapons and thermal coal production.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations (including the Issue Date BGCF Assets acquired pursuant to the BGCF Participation Deed) representing approximately 93.0% of the Target Par Amount.

The Notes are being offered by the Issuer through Deutsche Bank in its capacity as initial purchaser of such Notes subject to prior sale.


EU Risk Retention: BGCF will undertake that it will retain certain of the Subordinated Notes in connection with the EU Retention Requirements, which is equal to or greater than 5.0% of the greater of the Target Par Amount and the Collateral Principal Amount on the relevant date of determination.

US Risk Retention: BGCF will also retain certain of the Subordinated Notes in order to satisfy the U.S. Risk Retention Rules.