Cedar Funding V CLO directed to redeem secured notes via refinancing

By Sarah Lizee

Olympia, Wash., July 10 – Cedar Funding V CLO, Ltd./Cedar Funding V CLO, LLC received direction from a majority of its subordinated noteholders to redeem its secured notes in whole from refinancing proceeds, according to a notice.

Holders of the class A-1, A-F, B-1, B-F, C, D and E notes, as well as the subordinated notes, were notified.

The refinancing will only occur if 100% of the subordinated noteholders consent to the amended and restated indenture relating to the contemplated refinancing.

If it does occur, the notes will be redeemed on July 17 at par plus accrued interest.

The subordinated notes will not be redeemed on the refinancing date.

Citibank, NA is the trustee.

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