North Westerly VIII ESG CLO DAC: 10 July 2024
The assets securing the Notes will consist of a portfolio of Secured Senior Loans, Secured Senior Bonds, Unsecured Senior Obligations, Mezzanine Obligations, Second Lien Loans, Corporate Rescue Loans and High Yield Bonds, and will be managed by NIBC Bank NV.
Eligibility Criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, 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 or a Synthetic Security; it is not a Zero Coupon Obligation; it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security; it 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 is not a Project Finance Loan; it is not a Step-Down Coupon Obligation; it is not a PIK 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 €360mln, which is approximately 90.0% of the Target Par Amount.
The Notes (other than the Class F Notes) are being offered by the Issuer through Deutsche Bank in its capacity as initial purchaser of such Notes subject to prior sale.
EU & UK Risk Retention: The Retention Holder (North Westerly Holding BV) will, in its capacity as “originator” for the purposes of the Retention Requirements, undertake to subscribe for, hold and retain, on an ongoing basis, for so long as any Class of Debt remains outstanding, a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures, in accordance with and pursuant to Articles 6(1) and 6(3)(d) of each of the Securitisation Regulations as in effect on the Issue Date.
US Risk Retention: The Issuer does not expect to be required to retain the Minimum Risk Retention Requirement pursuant to the US Risk Retention Rules.