Dealscribe

Deal updates on the Dealscribe platform this week: Executed doc changes: Apidos CLO XXX - CVC Credit $497 million refinancing of class A-1A to class D. class X notes are no longer outstanding. Non-call period for the refinanced notes is 0.5 years. Bain Capital Credit CLO 2018-2 - Bain Capital Credit $419.05 million partial refinancing of class A to class D. Morningstar no longer rate the notes. Includes amendment to the classes eligible for re-pricing. Non-call period for the refinanced notes is 0.5 years. Crestline Denali CLO XVII - Ares Management Corporation $291 million refinancing of class A-R to class C with some different principal and different ratings. Non-call period for the refinanced notes is 0.5 years. Dryden 61 CLO - PGIM $386.8 million partial refinancing of class A-R to class C-R. class X-R has been repaid in full and is no longer outstanding. Includes a reduction to the Subordinated Collateral Management fee. Non-call period for the refinanced notes is 0.5 years. Henley CLO VII - Napier Park €349.9 partial refinancing of classes A to F. Class B-2 remains outstanding. Amendments include changes to consent rights for WAL test changes and to the WAL test threshold at the end of the reinvestment period. Non-call period for the refinanced notes is one year. Jubilee CLO 2023-XXVII - Alcentra The S&P Rating definition has been amended. Notices: Bushy Park CLO - Blackstone Equity and the manager are considering a redemption of the notes in whole. Carlyle Global Market Strategies CLO 2012-4 - The Carlyle Group Equity and the manager are considering a redemption of the notes either in whole or in part through a refinancing. CVC Cordatus Loan Fund XXIII - CVC Credit The retention holder has calculated the fair value of the notes and the US Retention Interest as of the issue date. Dryden 72 CLO - PGIM Equity and the manager are considering a redemption of the notes either in whole or in part through a refinancing. Hayfin Emerald CLO V - Hayfin Capital Management LLP Equity and the manager are considering a redemption of the notes either in whole or in part. Sculptor European CLO VII - Sculptor Capital Management Equity is considering a redemption of the notes either in whole or in part through a refinancing. Redemption/refinancing notices: Bain Capital Euro CLO 2022-1 - Bain Capital Credit Equity has consented to the proposed terms of the refinancing in whole. Carlyle Euro CLO 2017-2 - The Carlyle Group Equity has directed a redemption of the notes in whole via a liquidation. The proposed redemption date is 3 October 2024. Edmondstown Park CLO - Blackstone The notes were redeemed in whole on 28 August 2024. Golub Capital Partners CLO 34(M)-R - Golub Capital Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 4 September 2024. Discover more on www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

We dive into partial refinancings in this week’s #Pitchfork This year has seen a sharp increase in the proportion of US CLOs that give mezzanine investors key approval rights in the event of a refinancing. Triple B noteholders are most often the class that gains the right to block changes to the WAL test in the event of a partial refinancing. Consent rights over WAL test changes have long been a key battleground in CLO documentation. The days are long gone that mezzanine investors would entrust the controlling class – the deal’s most senior tranche – to block this in all circumstances. Fancy reading this full topic report? Message us at [email protected] or visit our website www.dealscribe.com. #trust #mezzanine #refinance #consent #rights #documentation #CLO #realintelligence #thedevilisinthedetail

New Scorecards added to the Dealscribe platform this week: Birch Grove CLO 4 (reset) – AS Birch Grove LP Arranged by: J.P. Morgan Manager counsel: Schulte Roth & Zabel LLP Bridge Street CLO I (reset) – FS Investments Arranged by: J.P. Morgan Manager counsel: Dechert LLP CIFC Funding 2024-III – CIFC Asset Management Arranged by: Barclays Manager counsel: A&O Shearman Elmwood CLO III (reset) – Elmwood Asset Management Arranged by: Nomura Manager counsel: A&O Shearman Golub Capital Partners CLO 74(B) – Golub Capital Arranged by: Mitsubishi UFJ Manager counsel: Mayer Brown Great Lakes CLO VII – BMO Global Asset Management Arranged by: BMO Capital Markets; Citi Manager counsel: Winston & Strawn LLP Man US CLO 2024-1 – Man GLG Arranged by: J.P. Morgan Manager counsel: Milbank LLP OCP CLO 2024-33 – Onex Credit Arranged by: J.P. Morgan Manager counsel: Latham & Watkins Orion CLO 2024-3 – Antares Capital LP Capital Arranged by: J.P. Morgan Manager counsel: Dechert LLP Palmer Square Loan Funding 2024-3 – Palmer Square Capital Management LLC Arranged by: Citi Manager counsel: Morgan, Lewis & Bockius LLP Pikes Peak CLO 16 – Partners Group Arranged by: J.P. Morgan Manager counsel: Dechert LLP Trestles CLO 2017-1(reset) – Aristotle Arranged by: Scotiabank Manager counsel: Schulte Roth & Zabel LLP Trinitas Euro CLO III (reset) – WhiteStar Asset Management Arranged by: Jefferies Manager counsel: Milbank LLP Venture 49 CLO – MJX Asset Management LLC Arranged by: Jefferies Manager counsel: Mayer Brown Whitebox CLO I (reset) – Whitebox Advisors Arranged by: Goldman Sachs Manager counsel: Dechert Reach out directly for access to these scorecards and more reports on our platform at [email protected]. #realintelligence #thedevilisinthedetail

Our featured scorecard this week is Man US CLO 2024-1- Man GLG. This deal has been arranged by J.P. Morgan and Milbank LLP acting as manager counsel. Key features in this manager’s deal include no trading plans, strict test requirements for post-reinvestment purchases & bankruptcy exchange and anti-priming provisions included Access this scorecard and more, reach out to [email protected]. #bankruptcy #obligor#purchase #trading #test #CLO #realintelligence #thedevilisinthedetail

Deal updates on the Dealscribe platform this week: Executed doc changes: Arini European CLO I - Arini The S&P Rating definition has been amended. Cedar Funding VII CLO - Aegon Asset Management $351.85 million partial refinancing of class A to class D. Fitch no longer rate the notes. Includes amendment to the classes eligible for re-pricing. Non-call period for the refinanced notes is 0.5 years. CVC Cordatus Loan Fund XXIII - CVC Credit €129.3 million partial refinancing of class B-1 to class E (excluding class B-2). Non-call period for the refinanced notes is 0.5 years. Symphony CLO XVIII - Nuveen, a TIAA company $390.4 million partial refinancing of class A to class D, class X notes are no longer outstanding. The Initial Majority Class A-1 Investor Condition has been satisfied causing changes to the post-reinvestment requirements and supplemental reserve limits. Non-call period for the refinanced notes is 0.5 years. Texas Debt Capital Euro CLO 2024-1 - CIFC Asset Management The Fitch Recovery Rate definition has been amended. Notices: Ares XLIX CLO - Ares Management Corporation Equity and the manager are considering a redemption of the notes either in whole or in part through a refinancing. Fidelity Grand Harbour CLO 2019-1 - Fidelity International Equity is considering a redemption of the notes either in whole or in part. Neuberger Berman Loan Advisors CLO XXI - Neuberger Berman The manager is considering a redemption of the notes either in whole or in part through a refinancing. Neuberger Berman Loan Advisors CLO 29 - Neuberger Berman The manager is considering a redemption of the notes either in whole or in part through a refinancing. Neuberger Berman Loan Advisors CLO 30 - Neuberger Berman The manager is considering a redemption of the notes either in whole or in part through a refinancing. Neuberger Berman Loan Advisors CLO 31 - Neuberger Berman The manager is considering a redemption of the notes either in whole or in part through a refinancing. Neuberger Berman Loan Advisors CLO 32 - Neuberger Berman The manager is considering a redemption of the notes either in whole or in part through a refinancing. Octagon Investment Partners 32 - Octagon Credit Investors Equity and the manager are considering a redemption of the notes either in whole or in part through a refinancing. Penta CLO 3 - Partners Group Equity is considering a redemption of the notes either in whole or in part. Discover more on www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

Deal updates on the Dealscribe platform this week: Redemption/refinancing notices: ALME Loan Funding III - Apollo Global Management, Inc. The manager has directed the redemption of equity. The proposed redemption date is 10 September 2024. ALME Loan Funding V - Apollo Global Management, Inc. The manager has directed the redemption of equity. The proposed redemption date is 10 September 2024. CIFC Funding 2014-II-R - CIFC Asset Management Proposed amended and restated indenture relates to a redemption of the notes in whole through a refinancing. KKR CLO 23 - KKR The proposed redemption of the class E and class F notes on 4 September 2024 has been withdrawn. The refinancing of classes A to D will still occur. Proposed second supplemental indenture relates to the refinancing Ocean Trails CLO XII - Rothschild & Co Equity has directed a partial refinancing of class A to class E (excluding class B-2). The proposed redemption date is 4 September 2024. Proposed first supplemental indenture relates to this refinancing. OCP CLO 2022-24 - Onex Credit Equity has directed a redemption in whole through a refinancing. The proposed redemption date is 27 August 2024. Proposed amended and restated indenture relates to the refinancing.   Discover more on www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

In this week’s #Pitchfork we added to the Dealscribe platform: ·      15 New Scorecards ·      10 Preliminary Scorecards (For Doc Holders only) ·      20 Deal updates ·      13 Individual Indentures/OCs with complete analysis Interested in seeing all of this? Message us at [email protected] or visit our website www.dealscribe.com. #deal #scorecard #redemption #equity #update #structuredfinance #CLO #realintelligence #thedevilisinthedetail

New Scorecards added to the Dealscribe platform this week: Ballyrock CLO 14 (reset) – Fidelity International Arranged by: Goldman Sachs Manager counsel: Milbank LLP BCC Middle Market CLO 2024-1 – Bain Capital Credit Arranged by: Natixis Investment Managers; NatWest Manager counsel: Dechert LLP Carlyle Direct Lending CLO 2015-1R (reset) – The Carlyle Group Arranged by: Citi Dryden 42 Senior Loan Fund (reset) – PGIM Arranged by: BNP Paribas Elmwood CLO 28 – Elmwood Asset Management Arranged by: Citi Manager counsel: Milbank LLP Margay CLO II – M&G Investments Arranged by: BNP Paribas Manager counsel: Cadwalader, Wickersham & Taft LLP Nassau Euro CLO IV – Nassau Global Credit LLC Arranged by: Jefferies Manager counsel: Milbank LLP Sound Point CLO 39 – Sound Point Capital Management, LP Arranged by: Barclays Manager counsel: A&O Shearman Texas Debt Capital Euro CLO 2024-I – CIFC Asset Management Arranged by: Barclays Manager counsel: A&O Shearman Reach out directly for access to these scorecards and more reports on our platform at [email protected]. #realintelligence #thedevilisinthedetail

Our featured scorecard this week is Sound Point CLO 39- Sound Point Capital Management, LP. This deal has been arranged by Barclays and A&O Shearman acting as manager counsel. Key features in this manager’s deal include a reduced par balance requirement for work-out obligations, Class B consent for rule changes & flexible restricted trading period exemptions. Access this scorecard and more, reach out to [email protected]. #reduced #consent #rule #trading #exemptions #CLO #realintelligence #thedevilisinthedetail

Deal updates on the Dealscribe platform this week: Redemption/refinancing notices: Apidos CLO XXX - CVC Credit The manager has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 29 August 2024. Proposed first supplemental indenture relates to the refinancing. Canyon CLO 2020-3 - Canyon Partners, LLC Equity has directed a redemption of the notes in whole. The proposed redemption date is 22 August 2024. CIFC Funding 2024-II-R - CIFC Asset Management Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 3 September 2024. Fortress Credit Opportunities VI CLO - Fortress Investment Group Alongside the other refinanced classes, equity has been redeemed through an exchange for an allocation of the preferred shares issued in connection with entering into the senior secured credit facility on the redemption date. Golub Capital Partners CLO 28 (M)-R - Golub Capital Equity has directed a partial refinancing of class A-RR. The proposed redemption date is 26 August 2024. Proposed amended and restated indenture relates to the refinancing. Jubilee CLO 2014-XI - Alcentra The notes were redeemed in whole on 19 August 2024. KKR CLO 23 - KKR The previous redemption notice from 7 August 2024 has been withdrawn. Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 4 September 2024. Neuberger Berman Loan Advisers CLO 24 - Neuberger Berman Proposed amended and restated indenture relates to the redemption of the notes in whole through a refinancing. OCP CLO 2020-18 - Onex Credit Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 20 August 2024. Proposed amended and restated indenture relates to the refinancing. OCP Euro CLO 2017-2 - Onex Credit The date for the redemption of the notes in whole through a refinancing has been changed to 12 September 2024. RRE 15 Loan Management - Redding Ridge Asset Management The redemption threshold amount for the redemption of the notes in whole is €357,004,361.60. Symphony CLO XVIII - Nuveen, a TIAA company The manager has directed a partial refinancing of classes A to D. The proposed redemption date is 26 August 2024. Proposed fifth supplemental indenture relates to the refinancing. Wind River 2021-1 CLO - First Eagle Investments Proposed amended and restated indenture relates to the redemption of the notes in whole through a refinancing. Discover more on www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail