BBAM European CLO I DAC (2nd Refinance): 16 March 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by RBC Global Asset Management (UK) Limited.

On 29 June 2020 (the Original Issue Date) BBAM European CLO I DAC issued Class A Senior Secured Floating Rate Notes due 2033, Class B-1 Senior Secured Floating Rate Notes due 2033, Class B-2 Senior Secured Fixed Rate Notes due 2033, Class C Senior Secured Deferrable Floating Rate Notes due 2033, Class D Senior Secured Deferrable Floating Rate Notes due 2033, Class E Senior Secured Deferrable Floating Rate Notes due 2033, Class F Senior Secured Deferrable Floating Rate Notes due 2033 and Subordinated Notes originally due 2033.

On 29 June 2021 (the 2021 Refinancing Date) the Issuer refinanced in whole each Class of the Original Rated Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2034, Class B-1-R Senior Secured Floating Rate Notes due 2034, Class B-2-R Senior Secured Fixed Rate Notes due 2034, Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Class E-R Senior Secured Deferrable Floating Rate Notes due 2034 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2034.

On 13 March 2026 (the Re-issue Date) the Issuer will, subject to the satisfaction of certain conditions, refinance the Existing Notes by issuing Class A-R-R Senior Secured Floating Rate Notes due 2038, Class B-R-R Senior Secured Floating Rate Notes due 2038, Class C-R-R Senior Secured Deferrable Floating Rate Notes due 2038, Class D-R-R Senior Secured Deferrable Floating Rate Notes due 2038, Class E-R-R Senior Secured Deferrable Floating Rate Notes due 2038 and Class F-R-R Senior Secured Deferrable Floating Rate Notes due 2038.

The Issuer will also issue additional Subordinated Notes due 2038 which, together with the Existing Subordinated Notes, shall form a single class of Subordinated Notes with an aggregate principal amount outstanding of €48,300,000.

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

The Offered Notes are being offered by the Issuer through Merrill Lynch International or an affiliate thereof in its capacity as the arranger and the initial purchaser.