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Man Euro CLO 2023-1: 27 November 2023

The assets securing the Notes will consist predominantly of a portfolio of Secured Senior Loans, Secured Senior Bonds, Unsecured Senior Obligations, Mezzanine Obligations, High Yield Bonds, Corporate Rescue Obligations and Second Lien Loans, and will be managed by GLG Partners LP.

Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Obligation, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is not a lease (including, for the avoidance of doubt, a finance lease); it is not a Structured Finance Security, a pre-funded letter of credit or a Synthetic Security; it is not convertible into equity and it does not constitute Margin Stock; other than in a Corporate Rescue Obligation or Uptier Priming Debt, it has a S&P Rating of not lower than “CCC-” and a Fitch Rating of not lower than “CCC-”; it is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Investment Manager acting on behalf of the Issuer); it is not a Project Finance Loan.

The Issuer anticipates that, by the Issue Date, the Investment Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which will equal or exceed at least €315mln, representing approximately 90.0% of the Target Par Amount.

The Notes will be offered by the Issuer through Barclays Bank plc (or an affiliate thereof) in its capacities as sole arranger and initial purchaser of the offering of such Notes subject to prior sale.

EU & UK Risk Retention: The Investment Manager (in its capacity as the Retention Holder) will agree to acquire, on the Issue Date, and hold a material economic interest in the Retention Notes on the terms set out in the Investment Management and Collateral Administration Agreement, with the intention of complying with the Retention and Transparency Requirements.

US Risk Retention: It has been determined that the US Risk Retention Rules do not apply to the Investment Manager for purposes of this transaction on the Issue Date and, accordingly, neither the Investment Manager nor any of its affiliates intend to purchase Notes for the purposes of complying with the US Risk Retention Rules on or after the Issue Date.