Henley CLO IV : 23 March 2021
The assets securing the Notes will consist primarily of a portfolio of Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by Napier Park Global Capital Ltd (the Collateral Manager).
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, Exchanged Obligation 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 Zero Coupon Security; other than in the case of a Corporate Rescue Loan, it has a Fitch Rating of not lower than "CCC" and an S&P Rating of not lower than "CCC-"; 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; it is not a letter of credit.
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 €382.5mln, which is approximately 95.70% 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 of the offering of such Notes, subject to prior sale.
EU & UK Risk Retention: The Retention Holder (NP Europe Loan Management I) will undertake to acquire on the Issue Date and retain in its capacity as "originator" for the purposes of the EU/UK Retention Requirements, on an ongoing basis for so long as any Class of Notes remains outstanding, 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 Notes.
US Risk Retention: The Retention Holder intends to satisfy the risk retention requirements under the U.S. Risk Retention Rules with respect to this securitisation transaction by acquiring and holding an "eligible horizontal residual interest".