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Providus CLO X: 10 May 2024

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 Permira European CLO Manager LLP.

Eligibility criteria (includes): it is a Secured Senior Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is not a Structured Finance Security, a Letter of Credit or a Synthetic Security; it is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan, an obligation that is Uptier Priming Debt or a Received Obligation, it has an S&P Rating of not lower than “CCC-” and a Fitch Rating of not lower than “CCC-”; it is not a debt obligation which pays interest only and does not require the repayment of principal; it is not an ESG Prohibited Collateral Obligation.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €337.5mln, which is approximately 90% of the Target Par Amount.

The Notes are being offered by the Issuer through Barclays Bank PLC in its capacity as Placement Agent of the Notes, subject to prior sale.

EU Risk Retention: The Collateral Manager (Permira European CLO Manager LLP) shall act as the Retention Holder for the purposes of the Retention Requirements and will purchase and retain, for so long as any Notes are outstanding, on its own account, a material net economic interest in the transaction comprising a Principal Amount Outstanding of Subordinated Notes multiplied by the purchase price thereof, of not less than 5.0% of the Collateral Principal Amount.

US Risk Retention: The Collateral Manager does not expect to be required to retain the Minimum Risk Retention Requirement pursuant to the US Risk Retention Rules provided, however, that the Collateral Manager in its capacity as Retention Holder will retain the Retention Notes on the Issue Date.