Bastille Euro CLO 2020-3: 05 November 2020
The assets securing the Notes will consist predominantly of a portfolio of Secured Senior Loans and Secured Senior Bonds, Mezzanine Obligations, Corporate Rescue Loans and High Yield Bonds, and will be managed by CBAM CLO Management Europe, LLC.
CBAM Partners, LLC is a privately-owned alternative asset manager. CBAM offers investment advisory services primarily focused on credit and value-oriented investments to a variety of institutional clients through separately managed accounts, CLOs and private funds. CBAM U.S. is a registered investment adviser under the Investment Advisers Act.
Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is not a Structured Finance Security, a pre-funded letter of credit or a Synthetic Security; it is not a Zero Coupon Security; it 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 an obligation issued by an Obligor which is a Climate Risks Excluded Obligor, a Controversial Weapons Excluded Obligor, a Palm Oil Excluded Obligor or a Tobacco Excluded Obligor; other than in the case of a Corporate Rescue Loan or a Current Pay Obligation, it has an S&P Rating of not lower than “CCC” or a Moody’s Rating of not lower than “Caa2”.
The Issuer anticipates that, by or on the Issue Date, the Collateral Manager on its behalf will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which equals at least €296.5mln, representing approximately 98.8% of the Target Par Amount.
The Notes (other than any Notes being sold directly by the Issuer to CBAM CLO Management Europe LLC) are being offered by the Issuer through Citigroup Global Markets Limited in its capacity as placement agent.
EU Risk Retention: The Collateral Manager shall act as the Retention Holder for the purposes of the EU Retention Requirements and shall hold and retain, on an ongoing basis, in its capacity as Originator, for so long as any Class of Notes remains outstanding, a material net economic interest in the form specified in Article 6(3)(a) of the Securitisation Regulation of not less than 5% of the outstanding nominal value of each of the tranches sold or transferred to investors on the Issue Date.
US Risk Retention: Based on the LSTA Decision, no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules.