Trinitas Euro CLO V DAC: 01 November 2023
The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by Trinitas Capital Management LLC.
Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a PIK Obligation, a Second Lien Loan, a Corporate Rescue Loan, or a High Yield Bond; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security; other than in the case of an obligation which is a Corporate Rescue Loans or Uptier Priming Debt, it is not a Defaulted Obligation or a Credit Impaired Obligation; 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 Step-Down Coupon Security; it shall have been acquired by the Issuer for a purchase price of not less than 50.0% of the par value thereof, unless such obligation is a Swapped Non-Discount Obligation.
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 €315mln, which is approximately 90.0% of the Target Par Amount.
EU & UK Risk Retention: On the Issue Date the Retention Holder (Trinitas Capital Management LLC) will undertake to subscribe for and hold on an ongoing basis, as originator, not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated Notes with an original Principal Amount Outstanding such that the aggregate purchase price thereof equals or exceeds 5% of the Aggregate Collateral Balance in accordance with and pursuant to Articles 6(1) and 6(3)(d) of the Securitisation Regulation.
US Risk Retention: Based on the LSTA Decision it should be assumed by each prospective investor that no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the US Risk Retention Rules.