CVC Cordatus Loan Fund IV Ltd (Re-Issue 2021: 06 March 2021
The assets securing the notes will consist of a portfolio of primarily Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by CVC Credit Partners Group Limited.
On 17 December 2014 (the Original Issue Date), CVC Cordatus Loan Fund IV issued Class A Senior Secured Floating Rate Notes due 2028, Class B-1 Senior Secured Floating Rate Notes due 2028, Class B-2 Senior Secured Fixed Rate Notes due 2028, Class C Senior Secured Deferrable Floating Rate Notes due 2028, Class D Senior Secured Deferrable Floating Rate Notes due 2028, Class E Senior Secured Deferrable Floating Rate Notes due 2028, Class F Senior Secured Deferrable Floating Rate Notes due 2028, and Subordinated Notes due 2028.
On 5 April 2017 (the 2017 Refinancing Date), the Issuer refinanced the Original Notes by issuing Class A Senior Secured Floating Rate Note due 2028, Class B-1 Senior Secured Floating Rate Notes due 2028, Class B-2 Senior Secured Fixed Rate Notes due 2028, Class C Senior Secured Deferrable Floating Rate Notes due 2028, and Class D Senior Secured Deferrable Floating Rate Notes due 2028. The original Class E Notes and the original Class F Notes, together with the Existing Subordinated Notes, were not re-financed and remained outstanding.
On 22 March 2019 (the 2019 Refinancing Date), the Issuer refinanced the 2017 Refinanced Notes by issuing Class A Senior Secured Floating Rate Notes due 2030, Class B-1 Senior Secured Floating Rate Notes due 2030, Class B-2 Senior Secured Fixed Rate Notes due 2030, Class C Senior Secured Deferrable Floating Rate Notes due 2030, Class D Senior Secured Deferrable Floating Rate Notes due 2030, Class E Senior Secured Deferrable Floating Rate Notes due 2030, Class F Senior Secured Deferrable Floating Rate Notes due 2030, Class B-1 Notes, Class B-2 Notes, Class C Notes, Class D Notes and Class E Notes, together with the Existing Subordinated Notes.
On or about 5 March 2021 (the 2021 Issue Date), the Issuer will, subject to certain conditions, refinance the 2019 Refinanced Notes by issuing Class X Senior Secured Floating Rate Notes due 2034, Class A-R Senior Secured Floating Rate Notes due 2034, Class B-1-R Senior Secured Floating Rate Notes due 2034, Class B-2-R Senior Secured Fixed Rate Notes due 2034, Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Class F-R Senior Secured Deferrable Floating Rate Notes due 2034. The Issuer will also issue additional Subordinated Notes due 2034 which shall form a single class of Subordinated Notes.
The Offered Notes are being offered by the Issuer through Morgan Stanley & Co. International plc, in its capacity as initial purchaser of the offering of such Offered Notes subject to prior sale.
EU Risk Retention: CVC Credit Partners Group Limited shall act as the Retention Holder for the purposes of the Securitisation Regulation Requirements …. will .. undertake and agree on an ongoing basis so long as any Notes remain outstanding: (a) to (i) subscribe for and retain, for its own account, a material net economic interest in (A) the Rated Notes which will be comprised of not less than 5% of the Principal Amount Outstanding of each Class of Rated Notes, and (B) the Additional Subordinated Notes which will be comprised of not less than 5% of the Principal Amount Outstanding of the Additional Subordinated Notes and (ii) retain, on an ongoing basis and for its own account, a material net economic interest in the Existing Subordinated Notes which will be comprised of not less than 5% of the Principal Amount Outstanding of the Existing Subordinated Notes issued on the Original Issue Date in each case in accordance with Article 6(3)(a) of the Securitisation Regulations.
US Risk Retention: …. in reliance on the LSTA Decision, no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules.