Fair Oaks Loan Funding I (Refinance): 13 May 2021
The assets securing the Refinanced Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by Fair Oaks Capital Ltd.
On or about 16 July 2019 (the Original Issue Date) Fair Oaks Loan Funding I issued Class X Senior Secured Floating Rate Notes due 2030, Class A-1 Senior Secured Floating Rate Notes due 2030, Class A-2 Senior Secured Floating Rate Notes due 2030, Class B Senior Secured Floating 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 Z Notes due 2030, Subordinated Notes due 2030 and Class M Notes due 2030.
The Issuer will, subject to certain conditions, refinance the Original Notes by issuing Class X Senior Secured Floating Rate Notes due 2034, Class A Senior Secured Floating Rate Notes due 2034, Class B Senior Secured Floating Rate Notes due 2034, Class C Senior Secured Deferrable Floating Rate Notes due 2034, Class D Senior Secured Deferrable Floating Rate Notes due 2034, Class E Senior Secured Deferrable Floating Rate Notes due 2034 and Class F Senior Secured Deferrable Floating Rate Notes due 2034.
The Refinanced Notes are being offered by the Issuer through Morgan Stanley & Co. International plc or an affiliate thereof in its capacity as initial purchaser of the offering subject to prior sale.
EU/UK Risk Retention: Wollemi Investments I LP (acting by its general partner, Fair Oaks Income Fund (GP) Limited) will act as retention holder for the purposes of the EU/UK Retention and Transparency Requirements and will agree to acquire and retain, on an ongoing basis for so long as any Class of Notes remains outstanding, a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase on the Issue Date and retention of Subordinated Notes with an aggregate purchase price equal to or greater than 5% of the Aggregate Collateral Balance on the relevant date of determination in accordance with Article 6(3)(d) of the EU/UK Securitisation Regulation.
US Risk Retention: Each of the Collateral Manager and the Retention Holder does not intend to purchase or retain Refinancing Notes for the purposes of satisfying the U.S. Risk Retention Rules. Nevertheless, to the extent that the U.S. Risk Retention Rules apply to this offering, the Collateral Manager and the Retention Holder intend to comply with the "Safe harbor for certain foreign-related transactions" contained in Section __.20 of the U.S. Risk Retention Rules.