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Leopard CLO III to redeem notes on April 21 via asset sale proceeds
By Wendy Van Sickle
Columbus, Ohio, April 19 Leopard CLO III BV said it plans to redeem its notes due 2020 on the next payment date of April 21 using proceeds from the sale of its portfolio assets.
Leopard said all portfolio assets have been repaid or sold. However, some proceeds from the recent sales are not expected to be received until June, according to a notice.
After the settlement of all the asset sales, the issuer said it intends to make a final payment, after which it will have no portfolio assets and no cash in any accounts, and the transaction creditors will not be entitled to any further payment from the issuer.
The issuer expects there will be sufficient proceeds to redeem the class D notes in full either on April 21 or on distribution of the final payment, but that there will be insufficient proceeds to fully redeem any of its other outstanding notes at either time.
Accordingly, any outstanding notes will be canceled following the final payment, according to the notice.
The issuers notes include
16.25 million of class D senior secured deferrable floating-rate notes;
6.25 million of class E1 senior secured deferrable floating-rate notes;
4 million of class E2 senior secured deferrable fixed-rate notes;
35 million of subordinated notes; and
10 million of class W combination notes.
BNY Mellon Corporate Trustee Services Ltd. is the trustee.
The issuer said it will retain 125,000 for liquidation expenses and for other costs involved with the wind-up of the transaction.
Leopard CLO III is based in Amsterdam.
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