Palmer Square European CLO 2021-1 DAC (Refinance): 21 July 2025

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

On 18 March 2021 (the Original Issue Date) Palmer Square European CLO 2021-1 issued 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, Class F Senior Secured Deferrable Floating Rate Notes due 2034 and Subordinated Notes due 2034.

On 15 July 2025 (the Re-issue Date) the Issuer will, subject to certain conditions, refinance in whole each Class of the Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2039, Class B-R Senior Secured Floating Rate Notes due 2039, Class C-R Senior Secured Deferrable Floating Rate Notes due 2039, Class D-R Senior Secured Deferrable Floating Rate Notes due 2039, Class E-R Senior Secured Deferrable Floating Rate Notes due 2039, Class F-R Senior Secured Deferrable Floating Rate Notes due 2039 and Subordinated Notes due 2039.

The Existing Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering. The Additional Subordinated Notes being offered pursuant to this Offering and the Existing Subordinated Notes issued on the Original Issue Date shall form a single Class of Subordinated Notes