Anchorage Capital CLO 5-R: 20 January 2018

The Issuer’s investment portfolio consists primarily of debt obligations (specifically, bank loans acquired by way of assignment) and participation interests. The portfolio is managed by Anchorage Capital Group, L.L.C.

Anchorage was founded in 2003 and invests in a wide range of assets across the credit spectrum and throughout a company’s capital structure, including performing bank loans and bonds, credit derivatives and defaulted debt and restructured equity. As of 30 June 2017, Anchorage managed approximately $17 billion in assets across multiple pooled and customised investment funds.

In regard to the Concentration Limitations, the Collateral Quality Test, the S&P CDO Monitor Test, the Weighted Average Life Test etc, please see the relevant sections in the offering circular (available via www.euroabs.com).

It is anticipated that the Issuer will have completed the purchase (or commitment to purchase) of at least $487.35mln (by par amount) of the initial portfolio of Collateral Obligations on the Closing Date.

The Offered Securities will be offered from time to time by the Issuer for sale to investors in negotiated transactions at varying prices to be determined in each case at the time of sale.


CRR 405: No party to the transaction has committed to retain a material net economic interest in the transaction in accordance with the foregoing requirements or take any other action which may be required by Affected Investors for the purposes of their compliance with the requirements of the EU Retention Rules.

U.S. Risk Retention: The credit risk retention requirement will be achieved by the Retention Holder (ACG MOA V, L.L.C) acquiring an “eligible horizontal residual interest”.