Armada Euro CLO VI: 23 June 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 Brigade Capital Europe Management LLP (the Collateral Manager). Brigade was formed in 2006 and exists as an asset management firm focusing on high yield, distressed debt and leveraged loans. As of 1 March 2024, Brigade had approximately $26.9bln under management.

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 (in each case, which is not a sub-participation of a sub-participation); it is not a Defaulted Obligation, Deferring Security or a Credit Risk Obligation (other than in the case of a Corporate Rescue Loan, a Current Pay Obligation or a Received Obligation acquired in a Bankruptcy Exchange); it is not a Structured Finance Security or a Synthetic Security; it is not a Zero Coupon Security or Step-Up Coupon Security; other than in the case of a Corporate Rescue Loan, Uptier Priming Debt or Received Obligations acquired in a Bankruptcy Exchange, it has a Fitch Rating of not lower than “CCC-” and an S&P Rating of not lower than “CCC-”; is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Collateral Manager acting on behalf of the Issuer); it has a minimum purchase price of 60.0% of the Principal Balance of such 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 €248.8mln, which is approximately 83.0% of the Target Par Amount.

The Notes are being offered by the Issuer through Merrill Lynch International in its capacity as initial purchaser, subject to prior sale.

EU & UK Risk Retention: The originator, sponsor or original lender will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with the applicable Retention Requirements and the risk retention is disclosed to the Institutional Investor.

US Risk Retention: It should be assumed 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.