Henley CLO I DAC (2nd Refinance): 10 August 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, managed by Napier Park Global Capital Ltd.

On 29 July 2019 (the Original Issue Date) Henley CLO I DAC issued Class X Senior Secured Floating Rate Notes due 2032, Class A Senior Secured Floating Rate Notes due 2032, Class B-1 Senior Secured Floating Rate Notes due 2032, Class B-2 Senior Secured Fixed Rate Notes due 2032, Class C Senior Secured Deferrable Floating Rate Notes due 2032, Class D Senior Secured Deferrable Floating Rate Notes due 2032, Class E Senior Secured Deferrable Floating Rate Notes due 2032, Class F Senior Secured Deferrable Floating Rate Notes due 2032 and Subordinated Notes due 2032.

On 29 July 2021 (the 2021 Refinancing Date) the Issuer refinanced the Original Notes by issuing Class X-R Senior Secured Floating Rate Notes due 2034, 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 7 August 2026 (the Issue Date) the Issuer will refinance in whole 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.

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

The Refinancing Notes are being offered by the Issuer through HSBC Bank plc in its capacity as placement agent and in its separate capacity as arranger.