Blackrock European CLO X: 12 November 2020
The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by BlackRock Investment Management (UK) Limited.
Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, a Corporate Rescue Loan, or a High Yield Bond; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a Structured Finance Security or a Synthetic Security; it is not a lease; other than in the case of a Corporate Rescue Loan (which shall have a rating as determined by the definition of “S&P Rating” and “Fitch Rating” as applicable), it is an obligation which has an S&P Rating of “CCC-” or higher and a Fitch Rating of “CCC-” or higher; it is an obligation in respect of which the Obligor (or the guarantor of such obligation) is Domiciled in a Qualifying Country, as determined by the Collateral Manager; it is not a Project Finance Loan; if it is a Revolving Obligation or Delayed Drawdown Collateral Debt Obligation, it can only be drawn in Euro; it shall have been acquired by the Issuer for a purchase price of not less than 60.0% of the par value thereof, unless such obligation is a Swapped Non-Discount Obligation.
The Issuer anticipates that, by the Issue Date, it or the Collateral Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €270mln, which is approximately 90.0% of the Target Par Amount.
The Notes are being offered by the Issuer through Barclays Bank plc in its capacity as sole arranger and initial purchaser.
EU Risk Retention: The Retention Holder (BlackRock Investment Management (UK) Ltd) will undertake on the Issue Date to subscribe for and hold, on an ongoing basis for so long as any Class of Notes remains outstanding, a material net economic interest of not less than 5% of the nominal value of each Class of Notes