Armada EURO CLO I DAC (2nd Refinance): 28 June 2026

The assets securing the Notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Brigade Capital Europe Management LLP.

On 21 September 2017 (the Original Issue Date) Armada Euro CLO I DAC issued 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, Class F Senior Secured Deferrable Floating Rate Notes due 2030 and Subordinated Notes due 2030.

On 26 April 2021 (the 2021 Refinancing Date) the Issuer 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 and Class F Senior Secured Deferrable Floating Rate Notes due 2033.

On or about 25 June 2026 (the Re-issue Date and the Refinancing Date) the Issuer will, subject to certain conditions, refinance the Rated Notes by issuing Class A Senior Secured Floating Rate Notes due 2040, Class B Senior Secured Floating Rate Notes due 2040, Class C Senior Secured Deferrable Floating Rate Notes due 2040, Class D Senior Secured Deferrable Floating Rate Notes due 2040, Class E Senior Secured Deferrable Floating Rate Notes due 2040 and Class F Senior Secured Deferrable Floating Rate Notes due 2040, and also additional Subordinated Notes due 2040.

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 together form a single class of Subordinated Notes.

The Offered Notes are being offered by the Issuer through Jefferies International Limited in its capacity as Placement Agent and in its separate capacity as Arranger, subject to prior sale.