Telos CLO 2016-7 calls five secured note classes, subordinated notes

By Marisa Wong

Morgantown, W.Va., July 5 – Telos CLO 2016-7, Ltd. and Telos CLOS 2016-7, LLC issued a notice of optional redemption for their class A, B, C, D and E secured notes and their subordinated notes.

Holders of a majority of the subordinated notes have directed the co-issuers to redeem the secured notes in whole using sale proceeds, according to the notice.

The secured notes will be redeemed on July 17 at the following redemption prices, equal to par plus accrued interest to the redemption date:

• $85,476,038.83 for the class A notes;

• $37,360,871.32 for the class B notes;

• $14,661,581.57 for the class C notes;

• $12,186,806.01 for the class D notes; and

• $5,109,433.06 for the class E notes.

Telos said the subordinated notes are also to be redeemed in full on July 17. The redemption price for each subordinated note will be its proportional share of the amount of proceeds of the assets remaining after the secured notes are redeemed in whole and all expenses are paid.

U.S. Bank NA is trustee.

New York-based Telos Asset Management LLC is the collateral servicer, and Houston-based Virtus Group, LP is the collateral administrator.

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