Taurus 2021-2 SP DAC: 11 March 2021
On 13 September 2019, the Original Senior Lender entered into a supplemental agreement with, amongst others, the Senior Borrowers in relation to a term facility agreement pursuant to which the Original Senior Lender advanced a loan to the Senior Borrowers. On 24 February 2021, the Loan Seller acquired 100% of the Original Senior Lenders' interest in the Securitised Senior Loan. On the Closing Date, the Issuer will acquire from the Loan Seller €139,886,315.79 of the Senior Loan. The Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under the term loans advanced by the Original Senior Lender to the Senior Borrowers.
The Property Portfolio collateral comprises 8 Properties situated throughout Spain. Combined, the Property Portfolio offers approximately 211,712 sqm of total lettable area, which is let to 172 tenants and is approximately 77.1% occupied by GLA. The Property Portfolio generates c. €23.4m of gross rental income with a weighted average unexpired lease term of 3.8 years and a weighted average unexpired lease term to first break (WAULTB) of 2.2 years. The Property Portfolio has a market value of €416.1m. The largest asset in the portfolio is San Fernando Business Park, located in Madrid, accounting for 32.8% of the Property Portfolio’s Market Value, and the second largest asset, Omega Business Park, accounting for a further 16.8 % of the Property Portfolio’s Market Value.
EU, UK & US Risk Retention: For the purposes of satisfying US, EU and UK risk retention requirements, Bank of America, N.A., London Branch (the "Retaining Sponsor") will advance a euro loan to the Issuer on the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to €6,999,578.95, being equal to not less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loan on the Closing Date.
Compare/contrast: Taurus 2018-1 IT S.r.l., Lar Espana Real Estate Socimi, SA