Bosphorus CLO VI: 27 March 2021
The assets securing the Notes will consist primarily of a portfolio of Senior Secured Loans and Senior Secured Bonds in respect of which Commerzbank AG, London Branch is acting as investment manager.
Eligibility criteria (includes): it is a Senior Secured Loan, Senior Secured Bond, Second Lien Loan, Mezzanine Obligation, Unsecured Obligation or High Yield Bond; unless it is a Corporate Rescue Loan, it is not an obligation which has a Moody’s Rating lower than “Caa3”; it is not a lease (including a financial lease) or a letter of credit; it is not, at the time of purchase, a Current Pay Obligation or a current PIK Security (except if such PIK Security is a Restructured Obligation); it is not a Structured Finance Obligation, Synthetic Security, Zero-Coupon Security, StepUp Coupon Security, Step-Down Coupon Security, Deferring Security or Project Finance Loan.
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Portfolio Assets the Aggregate Principal Balance of which equals approximately €297.5mln (representing approximately 85.0% of the Target Par Amount).
The Notes are being offered by the Issuer through Deutsche Bank in its capacity as Initial Purchaser of the Notes subject to prior sale.
EU Risk Retention: The Retention Holder (Taurus Corporate Financing LLP) as “originator” for the purposes of the Securitisation Regulations will subscribe for (on the Issue Date and on the issue date of each additional issuance of Notes subject to and in accordance with the Conditions), hold and retain on an ongoing basis a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated B Notes with an aggregate purchase price equal to or greater than 5% of the Aggregate Collateral Balance on the relevant date of determination pursuant to Article 6(3)(d) of the Securitisation Regulations.
US Risk Retention: As of the closing date, the Retention Holder intends to satisfy the risk retention requirements under the U.S. Risk Retention Rules by acquiring and holding an “eligible horizontal residual interest” in an amount at least equal to the amount required by the U.S. Risk Retention Rules.