Cairn CLO XVI DAC (Refinance): 23 February 2026

The assets securing the Notes will primarily consist of a portfolio of Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by both Cairn Loan Investments II LLP and Polus Capital Management Limited.

On 25 January 2024 (the Original Issue Date) Cairn CLO XVI issued Class A Senior Secured Floating Rate Notes due 2037, Class B-1 Senior Secured Floating Rate Notes due 2037, Class B-2 Senior Secured Fixed 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 20 February 2026 (the Re-issue Date) the Issuer will, subject to the satisfaction of certain conditions, refinance in whole the Rated Notes by issuing Class X Senior Secured Floating Rate Notes due 2040, Class A-R Senior Secured Floating Rate Notes due 2040, Class B-R Senior Secured Floating Rate Notes due 2040, Class C-R Senior Secured Deferrable Floating Rate Notes due 2040, Class D-R Senior Secured Deferrable Floating Rate Notes due 2040, Class E-R Senior Secured Deferrable Floating Rate Notes due 2040 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2040.

The Existing Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering.