Bain Capital Euro CLO 2022-2 (Refinancing): 05 February 2024
The assets securing the Notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Bain Capital Credit U.S. CLO Manager II, LP.
On 7 September 2022 (the Original Issue Date) the Issuer issued Class A Senior Secured Floating Rate Notes due 2036, Class B-1 Senior Secured Floating Rate Notes due 2036, Class B-2 Senior Secured Fixed Rate Notes due 2036, Class C Senior Secured Deferrable Floating Rate Notes due 2036, Class D Senior Secured Deferrable Floating Rate Notes due 2036, Class E Senior Secured Deferrable Floating Rate Notes due 2036, Class F Senior Secured Deferrable Floating Rate Notes due 2036, Class M Notes due 2036 and Subordinated Notes due 2036. On 5 April 2023, the Issuer redeemed €8mln of the Original Class F Notes. On 18 April 2023, the Issuer transferred €14mln of the Original Class F Notes to an investor.
On or about 2 February 2024 (the re-Issue Date) the Issuer will, subject to the satisfaction of certain conditions, refinance Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2038, Class B-1-R Senior Secured Floating Rate Notes due 2038, Class B-2-R Senior Secured Fixed Rate Notes due 2038, Class C-R Senior Secured Deferrable Floating Rate Notes due 2038, Class D-R Senior Secured Deferrable Floating Rate Notes due 2038, Class E-R Senior Secured Deferrable Floating Rate Notes due 2038 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2038.
EU Risk Retention: Bain Capital Credit U.S. CLO Manager II, LP shall act as Retention Holder for the purposes of the EU Retention Requirements and will undertake to subscribe for and retain, on an ongoing basis, a material net economic interest in the Subordinated Notes with a Principal Amount outstanding, at any time, equal to not less than 5% of the Collateral Principal Amount in accordance with the Retention Requirements applicable as of the Issue Date.
US Risk Retention: None of the Collateral Manager or its affiliates intend to acquire or hold any Notes in contemplation of compliance with the US Risk Retention Rules.