Bilbao CLO III DAC (2nd Refinance): 23 March 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Guggenheim Partners Europe Limited.

On the Original Issue Date, Bilbao CLO III (the Issuer) issued Class A-1 Senior Secured Floating Rate Notes due 2031, Class A-2A Senior Secured Floating Rate Notes due 2031, Class A-2B Senior Secured Fixed Rate Notes due 2031, Class B Senior Secured Deferrable Floating Rate Notes due 2031, Class C Senior Secured Deferrable Floating Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031 and Subordinated Notes due 2031.

On the First Reset Date, the Issuer refinanced the Original Rated Notes by issuing Class A-1 Senior Secured Floating Rate Notes due 2034, Class A-2A Senior Secured Floating Rate Notes due 2034, Class A-2B Senior Secured Fixed Rate Notes due 2034, Class B Senior Secured Deferrable Floating Rate Notes due 2034, Class C Senior Secured Deferrable Floating Rate Notes due 2034, Class D Senior Secured Deferrable Floating Notes due 2034 and Class E Senior Secured Deferrable Floating Rate Notes due 2034, and also made certain amendments to the Original Subordinated Notes.

On or about the Re-issue Date (6 March 2026) the Issuer will, subject to the satisfaction of certain conditions, refinance the Rated Notes by issuing Class A-1-R-R Senior Secured Floating Rate Notes due 2039, Class A-2-R-R Senior Secured Floating Rate Notes due 2039, Class B-R-R Senior Secured Deferrable 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 and Class E-R-R Senior Secured Deferrable Floating Rate Notes due 2039.

The €43,150,000 original Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering.

The Refinanced Notes are being offered by the Issuer through Merrill Lynch International in its capacity as initial purchaser and arranger.