Tikehau CLO III B.V.: 11 November 2017

The assets securing the notes will consist of a portfolio of Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by Tikehau Capital Europe Limited.

TCE is a majority owned subsidiary of Tikehau Capital, which was founded in 2004 in Paris by Antoine Flamarion and Mathieu Chabran and is a principal investor and alternative asset manager. It was formed primarily to manage a series of structured credit vehicles, primarily investing in senior secured debt. As at 30 June 2017 Tikehau Capital had approximately €11.1bln of committed assets under management in four areas of expertise: Private Debt, Real Estate, Private Equity and Liquid Strategies.

Eligibility criteria (includes): it is a Senior Secured Loan, Senior Secured Bond, an Senior Unsecured Obligation, a Corporate Rescue Loan, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond, a PIK Obligation, or a Bridge Loan; it is (I) denominated in Euro or (II) is denominated in a Qualifying Currency; it is not a lease; it is not a Structured Finance Security, pre-funded letter of credit or a Synthetic Security; it is not a Zero Coupon Obligation or Step-Down Coupon Security; other than in the case of Corporate Rescue Loans, it has a Moody’s Rating of not lower than "Caa3" and a S&P Rating of not lower than "CCC-"; it is not a Project Finance Loan.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Debt Obligations, the Aggregate Principal Balance of which is equal to at least €354mln which is approximately 84.0% of the Target Par Amount.

CRR 405: Tikehau Capital Europe Limited shall act as Retention Holder for the purposes of the EU Retention Requirements, and the Retention Holder will undertake to subscribe for (at the initial issuance and each subsequent date of additional issuance of Notes) and retain, on an ongoing basis and for its own account, a material net economic interest in the first loss tranche of not less than 5% of the securitised exposures by subscribing for and holding, for so long as any Notes are outstanding, Subordinated Notes with a Principal Amount Outstanding equal to not less than 5%.