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Anchorage Capital Europe CLO 8: 01 July 2023

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Anchorage CLO ECM LLC.

Eligibility criteria (include): it is a Secured Senior Obligation (which may include a PIK Security), a Corporate Rescue Loan, an Unsecured Senior Obligation, a Second Lien Loan (which may include a PIK Security or a First Lien Last Out Loan) or a High Yield Bond; it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security; it is not a Structured Finance Security, a Letter of Credit or a Synthetic Security; other than in the case of a Corporate Rescue Loan or Uptier Priming Debt, it is an obligation which has a S&P Rating of “CCC-” or higher and a Fitch Rating of “CCC-” or higher; is not an obligation of an Obligor or Obligors Domiciled in a country with a Moody’s local currency country risk ceiling of “Baa1” or below; it has a minimum purchase price of 60.0% of the Principal Balance of such Collateral Obligation.

The Issuer has committed to purchase Collateral Obligations the aggregate Principal Balance of which equals at least €380mln (representing at least 95.00% of the Target Par Amount).

The Notes are being offered by the Issuer through Jefferies International Limited or an affiliate thereof in its capacity as placement agent of such Notes subject to prior sale.

EU & UK Risk Retention: Anchorage CLO ECM LLC shall act as the Retention Holder for the purposes of the EU/UK Retention Requirements and will undertake to acquire on the Issue Date and hold, on an ongoing basis for so long as any Class of Notes remains outstanding, a material net economic interest of not less than 5% of the nominal value of each Class of Notes then outstanding within the meaning of Articles 6(1) and 6(3)(a) of the EU/UK Securitisation Regulation.

US Risk Retention: Based on the LSTA decision, no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the US Risk Retention Rules.