Cairn CLO VII nixes planned redemption of class A-2, class B notes

By Angela McDaniels

Tacoma, Wash., Oct. 18 – Cairn CLO VII BV will not redeem its €10 million class A-2 senior secured fixed-rate notes and €40.8 million class B senior secured floating-rate notes as planned, according to a notice to noteholders.

The issuer will redeem its €203.9 million class A-1 senior secured floating-rate notes and €19.7 million class C senior secured deferrable floating-rate notes as planned.

The class A-1 notes and class C notes will be redeemed at 100% of the principal amount outstanding plus accrued interest (including, if applicable, deferred interest) on Oct. 31 using refinancing proceeds.

Plans for the redemption were announced Oct. 1. The following notes are not affected:

• €17.9 million class D senior secured deferrable floating-rate notes.

• €22.4 million class E senior secured deferrable floating-rate notes;

• €9.1 million class F senior secured deferrable floating-rate notes;

• €17.65 million class M-1 subordinated notes; and

• €21.12 million class M-2 subordinated notes.

All of the notes mature in 2030.

London-based Cairn Loan Investments LLP is the investment manager.

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