Clydesdale CLO 2004 asks noteholders to OK investment manager change

By Angela McDaniels

Tacoma, Wash., Aug. 5 - Clydesdale CLO 2004, Ltd. is seeking noteholder consent to change the investment manager of some of its notes, according to a notice.

Nomura Corporate Research and Asset Management Inc. is the current investment manager. If the change is approved, it will assign its rights and duties to Ares CLO Management XVIII, LP.

In order to make the change, consents are needed from the holders of a majority of the company's subordinated notes.

The company also needs a waiver from the holders of its class A-1 notes, class A-2 notes, class B-1 notes, class B-2 notes, class C-1 notes, class C-2 notes, class D notes, class J blended securities and class K blended securities. The waiver will allow the investment manager to make the change without giving advance notice to the holders of these notes and waives the rights of the majority of the notes to object within 15 days after the notice of the change.

Noteholders have until 5 p.m. ET on Aug. 11 to return their ballots.

The trustee is Bank of New York Mellon Trust Co., NA (call Michael Pope at 412 234-8310).

Clydesdale CLO 2004, Inc. is a co-issuer of the notes.

© 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.