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Presale: Laurelin B.V. Jun 06
Standard & Poors, June 2006
Preliminary credit ratings have been assigned to the -333.3 million secured floating-rate notes to be issued by Laurelin B.V. (Laurelin). In addition, Laurelin will issue a class of unrated notes to the amount of -66.7 million. The ratings reflect commensurate credit enhancement in the form of overcollateralization and subordination, a diversified collateral pool of loans and derivative financial instruments, currency risk protections, strong collateral investment guidelines, the expected bankruptcy-remoteness of the issuer, and various amortization triggers. At closing, Laurelin will issue floating-rate notes, the proceeds of which, after paying transaction fees and expenses, will be invested in a portfolio of predominantly senior-secured leveraged loans (see chart). The transaction has a reinvestment period of five years and the collateral manager will...
Companies mentioned in this report are: Laurelin B.V.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis