Aqueduct European CLO 15 DAC (3rd Refinance): 21 December 2025
The assets securing the Notes consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by HPS Investment Partners CLO (UK) LLP.
On 17 December 2014 (the Original Issue Date) Halcyon Loan Advisors European Funding 2014 issued Class A Senior Secured Floating Rate Notes due 2027, Class B Senior Secured Floating Rate Notes due 2027, Class C Senior Secured Deferrable Floating Rate Notes due 2027, Class D Senior Secured Deferrable Floating Rate Notes due 2027, Class E Senior Secured Deferrable Floating Rate Notes due 2027, Class F Senior Secured Deferrable Floating Rate Notes due 2027 and Subordinated Notes due 2027.
On 18 April 2017 (the 2017 Refinancing Date) the Original Issuer refinanced the 2014 Rated Notes by issuing Class A 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 and Class F Senior Secured Deferrable Floating Rate Notes due 2030.
On 18 August 2021 (the 2021 Refinancing Date) Aqueduct European CLO 15 DAC (then known as Segovia European CLO 1-2014 DAC) refinanced the 2017 Refinanced Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2035, Class B-R Senior Secured Floating Rate Notes due 2035, Class C-R Senior Secured Deferrable Floating Rate Notes due 2035, Class D-R Senior Secured Deferrable Floating Rate Notes due 2035, Class E-R Senior Secured Deferrable Floating Rate Notes due 2035 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2035.
On or about 18 December 2025 (the Re-issue Date) the Issuer, subject to certain conditions, will refinance in whole each Class of the Refinanced Notes by issuing Class A-R-R Senior Secured Floating Rate Notes due 2039, Class B-R-R Senior Secured Floating Rate Notes due 2039, Class C-R-R Senior Secured Deferrable Floating Rate Notes due 2039, Class D-R-R Senior Secured Deferrable Floating Rate Notes due 2039, Class E-R-R Senior Secured Deferrable Floating Rate Notes due 2039 and Class F-R-R Senior Secured Deferrable Floating Rate Notes due 2039, and will also issue additional Subordinated Notes due 2039.
The Class Z-1 Notes, the Class Z-2 Notes and the Class Z-3 Notes are not being offered pursuant to this Offering.
The Original Subordinated Notes issued on the Original Issue Date with a principal amount outstanding of €31,000,000 and are not being offered or redeemed pursuant to this Offering. The 2021 Additional Subordinated Notes issued on the 2021 Refinancing Date with a principal amount outstanding of €7,700,000 are not being offered or redeemed pursuant to this Offering. However, the Additional Subordinated Notes with a principal amount outstanding of €147,270,000 being offered pursuant to this Offering Circular, along with the 2021 Additional Subordinated Notes issued on the 2021 Refinancing Date and the Original Subordinated Notes issued on the Original Issue Date shall form a single class of Subordinated Notes.
The Notes (other than any Notes being sold directly by the Issuer to the Retention Holder or its Affiliates pursuant to the HPS/Issuer Notes Purchase Agreement) are being offered by the Issuer through Merrill Lynch International, in its capacity as Arranger.