Anchorage Capital Europe CLO 3 (Refinance): 15 November 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 (i) on the Original Issue Date, Anchorage Capital Group LLC and (ii) from and including the Issue Date, Anchorage CLO ECM LLC.

On 29 November 2019 (the Original Issue Date) Anchorage Capital Europe CLO 3 DAC issued Class A Senior Secured Floating Rate Notes due 2032, Class B-1 Senior Secured Floating Rate Notes due 2032, Class B-2 Senior Secured Fixed Rate Notes due 2032, Class C Senior Secured Deferrable Floating Rate Notes due 2032, Class D Senior Secured Deferrable Floating Rate Notes due 2032, Class E Senior Secured Deferrable Floating Rate Notes due 2032, Class F Senior Secured Deferrable Floating Rate Notes due 2032 and Subordinated Notes due 2032.

On 13 November 2024 (the re-issue Date) the Issuer will, subject to certain conditions, refinance in whole each Class of the Notes by issuing Class A Senior Secured Floating Rate Notes due 2038, Class B Senior Secured Floating Rate Notes due 2038, Class C Senior Secured Deferrable Floating Rate Notes due 2038, Class D Senior Secured Deferrable Floating Rate Notes due 2038, Class E Senior Secured Deferrable Floating Rate Notes due 2038 and Class F Senior Secured Deferrable Floating Rate Notes due 2038, and will issue Subordinated (Anchorage Class A) Notes due 2038, Subordinated (Anchorage Class B) Notes due 2038, and New Subordinated (Ordinary) Notes due 2038 (the "New Subordinated (Ordinary) Notes".

The Subordinated (Original Issuance) Notes were issued on the Original Issue Date with a principal amount outstanding of €39,280,000 and are not being offered pursuant to this Offering. The Additional Subordinated Notes being offered pursuant to this Offering and the Subordinated Notes issued on the Original Issue Date shall form a single class of Subordinated Notes with an aggregate principal amount outstanding of €51,580,000.