Anchorage Capital Europe CLO 5 DAC (Refinance): 10 September 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, managed by Anchorage CLO ECM LLC.

On 18 November 2021 (the Original Issue Date) Anchorage Capital Europe CLO 5 DAC issued Class A Senior Secured Floating Rate Notes due 2034, Class B-1 Senior Secured Floating Rate Notes due 2034, Class B 2 Senior Secured Fixed Rate Notes due 2034, Class C Senior Secured Deferrable Floating Rate Notes due 2034, Class D Senior Secured Deferrable Floating Rate Notes due 2034, Class E Senior Secured Deferrable Floating Rate Notes due 2034, Class F Senior Secured Deferrable Floating Rate Notes due 2034 and Subordinated Notes due 2034.

On or about 9 September 2026 (the Issue Date) the Issuer will refinance in whole each Class of the Refinanced Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2040, Class B-R Senior Secured Floating Rate Notes due 2040, C-R Senior Secured Deferrable Floating Rate Notes due 2040, Class D-1-R Senior Secured Deferrable Floating Rate Notes due 2040, Class D-2-R Senior Secured Deferrable Floating Rate Notes due 2040, Class E-R Senior Secured Deferrable Floating Rate Notes due 2040, Class F-R Senior Secured Deferrable Floating Rate Notes due 2040, Subordinated Notes (Ordinary) due 2040 and new Subordinated Notes due 2040.

The Refinancing Notes (other than certain Retention Notes) are being offered by the Issuer through Citigroup Global Markets Limited in its capacity as sole arranger and as placement agent.