CVC Cordatus Loan Fund XV Limited: 02 September 2019

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 CVC Credit Partners European CLO Management LLP.

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 not a Defaulted Obligation or a Credit Impaired Obligation; 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, Step-Up Coupon Security 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 Fitch Rating of not lower than “CCC-”; is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Collateral Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it is not a CVC Originated Collateral Obligation.

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 €280mln, which is approximately 70.0% of the Target Par Amount.

The Notes (other than the Retention Notes and the Class M-2 Subordinated Notes purchased by the Retention Holder and CVC Credit Partners Global CLO Management Limited, respectively) are being offered by the Issuer through Merrill Lynch International in its capacity as initial purchaser of the offering of such Notes.


EU Risk Retention: The Collateral Manager (in its capacity as the Retention Holder) will agree that for so long as any Class of Notes remains outstanding, it will hold Class M-1 Subordinated Notes with a Principal Amount Outstanding equal to not less than 5% of the greater of (i) the Aggregate Collateral Balance and (ii) the Target Par Amount pursuant to the EU Retention Letter, with the intention of complying with the EU Retention and Transparency Requirements.

US Risk Retention: Investors should note that no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the U.S. Retention Requirements.