Harvest CLO XVI (2nd re-financing): 09 March 2021
The assets securing the Refinancing Notes and the assets securing the Original Notes consist of a portfolio of Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Unsecured Senior Obligations, Mezzanine Obligations, Corporate Rescue Loans and High Yield Bonds, and will be managed Investcorp Credit Management EU Limited.
On 14 September 2016 (the Original Issue Date) Harvest CLO XVI issued Class A Senior Secured Floating Rate Notes due 2029, Class B Senior Secured Floating Rate Notes due 2029, Class C Senior Secured Deferrable Floating Rate Notes due 2029, Class D Senior Secured Deferrable Floating Rate Notes due 2029, Class E Senior Secured Deferrable Floating Rate Notes due 2029, Class F Senior Secured Deferrable Floating Rate Notes due 2029 and Subordinated Notes due 2029.
On 15 October 2018 (the 2018 Refinancing Date), the Issuer refinanced the Original Notes by issuing Class X Senior Secured Floating Rate Notes due 2031, Class A Senior Secured Floating Rate Notes due 2031, Class B-1 Senior Secured Floating Rate Notes due 2031, Class B-2 Senior Secured Fixed Rate Notes due 2031, Class C Senior Secured Deferrable Floating Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031, Class E Senior Secured Deferrable Floating Rate Notes due 2031 and Class F Senior Secured Deferrable Floating Rate Notes due 2031. The Subordinated Notes were not refinanced and remained outstanding.
On or about 5 March 2021 (the 2021 Refinancing Date) the Issuer will, subject to certain conditions, refinance the 2018 Class A Notes, the 2018 Class B-1 Notes, the 2018 Class B-2 Notes, the 2018 Class C Notes and the 2018 Class D Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2031, Class B-1-R Senior Secured Floating Rate Notes due 2031, Class B-2-R Senior Secured Fixed Rate Notes due 2031, Class C-R Senior Secured Deferrable Floating Rate Notes due 2031, and Class D-R Senior Secured Deferrable Floating Rate Notes due 2031. The 2018 Class E & F Notes and the Subordinated Notes will not be refinanced, and will remain outstanding.
The Refinancing Notes are being offered by the Issuer through Deutsche Bank AG, London Branch, in its capacity as arranger and initial purchase of the offering of such Refinancing Notes subject to prior sale.
EU & UK Risk Retention: The Portfolio Manager shall act as the Retention Holder for the purposes of the EU/UK Retention and Transparency Requirements as "originator". The Retention Holder will retain, on an ongoing basis for as long as a Class of Notes remains outstanding, Subordinated Notes which were issued on the Original Issue Date with a Principal Amount Outstanding multiplied by the price at which such Subordinated Notes were purchased by the Retention Holder on the Original Issue Date in accordance with Article 6(3)(d) of each of the EU Securitisation Regulation and UK Securitisation Regulation in force as at the 2021 Refinancing Date.
US Risk Retention: As a result of the LSTA Decision, no party expects to have any obligation with respect to this transaction to act in accordance with the various restrictions in the U.S. Risk Retention Rules.