European CLO Performance Index Shows Rise In Senior OC Ratio Test Cushions, And Fewer Deals Failing Junior OC Tests Jan 12
- Language: English
- Published: January 2012
- Region: Europe
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
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Duchess IV CLO B.V.