Battalion CLO X LTD (re-financing): 23 May 2019

The Issuer's investment portfolio consists primarily of bank loans and Participation Interests, and the portfolio will be managed by Brigade Capital Management LP.

On the Original Closing Date (8 December 2016), Battalion CLO X Ltd issued Class A-1 Senior Secured Floating Rate Notes due 2029, Class A-2 Senior Secured Floating Rate Notes due 2029, Class B Senior Secured Deferrable Floating Rate Notes due 2029, Class C Senior Secured Deferrable Floating Rate Notes due 2029, Class D Secured Deferrable Floating Rate Notes due 2029 and Subordinated Notes due 2029.

On 14 May 2019 (the First Refinancing Date), the Issuer will refinance the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D Notes. The Subordinated Notes are not being refinanced.

Morgan Stanley & Co LLC expects to offer the First Refinancing Notes in individually negotiated transactions.