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Marino Park CLO DAC: 27 December 2020

Marino Park CLO

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 Ireland 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); is not convertible into or payable in any other currency; it is not a: (i) Structured Finance Security, (ii) Letter of Credit, or (iii) Synthetic Security; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; 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 “Moody’s Rating” as applicable), it is an obligation which has: (i) an S&P Rating of “CCC-” or higher; and (ii) a Moody’s Default Probability Rating of “Caa3” or higher; 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 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 representing approximately 95.0% of the Target Par Amount.

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

EU Risk Retention: Blackstone / GSO Corporate Funding, in its capacity as the originator, will undertake on the Issue Date that it will acquire and hold on an ongoing basis, for so long as any Class of Notes remains outstanding, Subordinated Notes with an original Principal Amount Outstanding multiplied by the issue price at which such Subordinated Notes were purchased by BGCF 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: The Collateral Manager and the Retention Holder intend to rely on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.