Crown Point II announces July 15 redemption date for notes

By Angela McDaniels

Tacoma, Wash., July 1 – Crown Point CLO II, Ltd. and Crown Point CLO II, LLC will redeem their notes on July 15, according to a notice to noteholders.

The redemption is being carried out at the direction of a majority of the outstanding amount of the subordinated notes.

The principal amount of each class of notes is as follows:

• $7,358,012 for the class A-2L-R notes;

• $19.8 million for the class A-3L-R notes;

• $18.2 million for the class B-1L-R notes;

• $10.9 million for the class B-2L notes;

• $6.8 million for the class B-3l notes; and

• $25.65 million for the subordinated notes.

For the class A-2L-R notes, the redemption price will be 100% of the outstanding amount of the notes plus accrued interest.

For the remaining classes of secured notes, the redemption price will be 100% of the outstanding amount of the notes plus accrued interest, including interest on any accrued deferred interest.

For each subordinated note, the redemption price will be an amount equal to its proportional share of the amount of the proceeds of the assets (including proceeds created when the lien of the note indenture is released) remaining after giving effect to the redemption of the secured notes and payment in full of all expenses of the co-issuers.

The issuers said it is possible some items of collateral obligations may not be sold prior to the redemption date. As a result, additional amounts may become available for distribution to holders of subordinated notes after the redemption date. Accordingly, while the subordinated notes will be subject to redemption on July 15, the subordinated notes should not be surrendered at this time. The trustee will send written notice to the holders of subordinated notes regarding surrender of such subordinated notes at a later date.

Stamford, Conn.-based Pretium Capital Management, LLC is the portfolio manager.

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