Standard & Poor's Ratings Services has assigned preliminary credit ratings to the €313.25 million floating-rate notes to be issued by KINTYRE CLO I PLC. At the same time, KINTYRE will issue €36.75 million of unrated notes. KINTYRE is a bankruptcy-remote, public limited company, which was incorporated on October 2006, under the laws of Ireland. Its only purposes are to acquire the portfolio, issue the notes, and engage in certain related transactions. At closing, KINTYRE will issue the notes, the proceeds of which, net of any upfront costs and expenses, will be used to acquire a portfolio of senior secured loans, second-lien loans, mezzanine obligations, high-yield obligations, and synthetic securities (see chart below). The portfolio will be managed by Plemont Portfolio...
Companies mentioned in this report are:
- The Royal Bank of Scotland PLC
- Bank of New York Mellon (The)
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