Harvest CLO XXI (Refinance): 27 April 2021
The assets securing the Refinanced Notes will consist (and the assets securing the Original Notes consist) of a portfolio of Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Unsecured Senior Obligations, Mezzanine Obligations, Corporate Rescue Loans and High Yield Bonds, and will be managed by Investcorp Credit Management EU Limited.
On 22 March 2019 (the Original Issue Date) Harvest CLO XXI DAC issued Class X Senior Secured Floating Rate Notes due 2031, Class A-1 Senior Secured Floating Rate Notes due 2031, Class A-2 Senior Secured Fixed Rate Notes due 2031, Class B-1 Senior Secured Floating Rate Notes due 2031, Class B-2 Senior Secured Fixed Rate Notes due 2031, Class C Senior Secured Deferrable Floating Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031, Class E Senior Secured Deferrable Floating Rate Notes due 2031, Class F Senior Secured Deferrable Floating Rate Notes due 2031 and Subordinated Notes due 2031.
On or about 22 April 2021 (the Re-finance Date) the Issuer will, subject to certain conditions, refinance the Original Class A-1 Notes, the Original Class A-2 Notes, the Original Class B-1 Notes, the Original Class B-2 Notes, the Original Class C Notes and the Original Class D Notes.
The Refinanced Notes are being offered by the Issuer through Barclays Bank plc, in its capacity as sole arranger and initial purchaser.
EU & UK Risk Retention: The Portfolio Manager shall act as the Retention Holder for the purposes of the EU/UK Retention and Transparency Requirements as "originator", and will undertake to subscribe for, on or before the Refinancing Date, and retain, on an ongoing basis and for its own account so long as any Notes remain outstanding, a material net economic interest in the form specified in Article 6(3)(a) of each of the EU Securitisation Regulation and UK Securitisation Regulation in force as at the Refinancing Date and in accordance with the EU/UK Retention Requirements as in force on the Refinancing Date, which will be comprised of not less than 5% of the Principal Amount Outstanding of each Class of Refinancing Notes.
US Risk Retention: As a result of the LSTA Decision, no party expects to have any obligation with respect to this transaction to act in accordance with the various restrictions in the U.S. Risk Retention Rules that are imposed on sponsors.