Arbour CLO IV noteholders approve refinancing terms, amendments

By Sarah Lizee

Olympia, Wash., May 17 – Arbour CLO IV DAC received written resolutions from holders of more than 50% of its outstanding subordinated notes approving the refinancing of its class A, B, C and D notes due 2030, according to a notice.

The holders also approved an amendment to the terms of the notes to remove the rights of the subordinated noteholders to be able to direct the issuer to (i) redeem the rated notes in whole but not in part from refinancing proceeds on any business day falling prior to the expiry of a period of 12 months following the completion of the refinancing and (ii) redeem in whole any refinancing obligations that are class A notes, class B notes, class C notes or class D notes at their applicable redemption prices solely from refinancing proceeds.

Holders also approved the de-listing of the class E notes, the class F notes and the subordinated notes from the main securities market of Euronext Dublin and their admission to trading on the global exchange market of Euronext Dublin.

Additionally, BNP Paribas has been appointed initial purchaser of the refinancing notes.

As previously reported, the issuer had received direction from its collateral manager to redeem in full the rated notes on June 6 at par plus accrued interest.

The following notes are included:

• €30 million of class A-1 senior secured fixed-rate notes due 2030;

• €214 million of class A-2 senior secured floating-rate notes due 2030;

• €42.2 million of class B senior secured floating-rate notes due 2030;

• €25 million of class C senior secured deferrable floating-rate notes due 2030;

• €21.5 million of class D senior secured deferrable floating-rate notes due 2030;

• €26.75 million of class E senior secured deferrable floating-rate notes due 2030; and

• €11 million of class F senior secured deferrable floating-rate notes due 2030.

BNY Mellon Corporate Trustee Services Ltd. is the trustee.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.