Palmerston Park CLO: 10 April 2017

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 Blackstone / GSO Debt Funds Management Europe Limited.

Eligibility criteria (includes): it is a Secured Senior Obligation (which may include a PIK Security), a Corporate Rescue Loan, an Unsecured Senior Loan, a Mezzanine Obligation (which may include a PIK Security), a Second Lien Loan (which may include a PIK Security) or a High Yield Bond; it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; it is not a Project Finance Loan; it has a minimum purchase price of 60.0%.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations representing approximately 85% of the Target Par Amount.


CRR 405: BGCF will, in its capacity as an originator, hold the Retention Notes for the purposes of the Retention Requirements. BGCF will undertake to acquire on the Issue Date and hold on an ongoing basis for so long as any class of notes remains outstanding a material net economic interest in the first loss tranche of not less than 5.0% of the nominal value of the securitised exposures through the purchase and retention of Subordinated Notes with an original Principal Amount Outstanding equal to or greater than 5.0% of the greater of the Target Par Amount and the Collateral Principal Amount on the relevant date of determination.

The Collateral Manager intends to rely on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements. Consequently, the notes sold in this offering may not be purchased by any person except for (a) persons that are not “U.S. persons” as defined in the U.S. Risk Retention Rules or (b) persons that have obtained a U.S. Risk Retention Waiver from the Collateral Manager.