New Issue: Duchess IV CLO B.V. Jul 05
Standard & Poors, July 2005
Abstract
Credit ratings were assigned to the -525 million secured floating-rate notes issued by Duchess IV CLO B.V. At closing, Duchess IV CLO issued notes, the proceeds of which, after paying transaction fees and expenses, were invested in a portfolio of predominantly senior secured leveraged loans (see chart). The transaction has a three-year reinvestment period with the option to extend to five and seven years subject to rating confirmation by Standard & Poor's. The collateral manager is Babson Capital Europe Ltd. (BCE). Duchess IV CLO is a bankruptcy-remote private company with limited liability, which was incorporated on April 2, 2003 in The Netherlands. Its only purposes are to acquire the portfolio, issue the notes, and engage in certain related agreements. Duchess...
Companies mentioned in this report are: Duchess IV CLO B.V.
Action: New Rating
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
Duchess IV CLO B.V.
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