Preliminary Ratings Assigned In Cairn CLO I B.V. Cash CDO Of Leveraged Loans Nov 06

Standard & Poors, November 2006

Abstract
LONDON (Standard & Poor's) Nov. 1, 2006-Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the secured variable funding and floating-rate notes to be issued by Cairn CLO I B.V., an SPE (see list below). The collateral comprises senior and mezzanine leveraged loans, high-yield bonds, and structured finance securities. The transaction has a six-year reinvestment period, and the investment manager will be Cairn Financial Products Ltd. This will be the first European CLO transaction managed by Cairn Financial Products. The class A-1 notes are variable funding notes (VFNs), and the noteholder will comply with Standard & Poor's criteria. At closing the issuer will enter into a VFN purchase agreement under which it will be...

Companies mentioned in this report are: Cairn CLO I B.V.
Action: Preliminary Rating

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Cairn CLO I B.V.

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