AB CarVal Euro CLO I-C DAC (Refinance): 29 July 2025

The assets securing the Notes will consist of a portfolio of primarily Secured Senior Obligations, Unsecured Senior Obligations, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by CarVal CLO Management LLC.

On 20 December 2023 (the Original Issue Date) AB CarVal Euro CLO I-C issued Class A Senior Secured Floating Rate Notes due 2037, Class B Senior Secured Floating Rate Notes due 2037, Class C Senior Secured Deferrable Floating Rate Notes due 2037, Class D Senior Secured Deferrable Floating Rate Notes due 2037, Class E Senior Secured Deferrable Floating Rate Notes due 2037, Class F Senior Secured Deferrable Floating Rate Notes due 2037 and Subordinated Notes due 2037.

On 25 July 2025 (the re-issue Date) the Issuer will, subject to certain conditions, issue Class A-1-R Senior Secured Floating Rate Notes due 2038, Class A-2-R Senior Secured Floating Rate Notes due 2038, Class B-R Senior Secured Floating Rate Notes due 2038, Class C-R Senior Secured Deferrable Floating Rate Notes due 2038, Class D-R Senior Secured Deferrable Floating Rate Notes due 2038, Class E-R Senior Secured Deferrable Floating Rate Notes due 2038 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2038.

The Subordinated Notes were issued on the Original Issue Date with a principal amount outstanding of €35,980,000 and are not being offered pursuant to this Offering.