Maranon Loan Funding 2016-1 directed to redeem secured notes via sale

By Wendy Van Sickle

Columbus, Ohio, Feb. 1 – Maranon Loan Funding 2016-1, Ltd. has received written direction from holders of a majority of its subordinated notes to redeem and/or repay all classes of its secured debt by way of a liquidation of assets, according to a filing with the London Stock Exchange.

The collateral manager has begun exploring the possibility of effecting such an optional redemption, but the written direction may be revoked and there is no assurance that a potential optional redemption will be successful or will not be withdrawn, the notice states.

The intent is for all classes of secured notes to be redeemed on or after March 2 via sale proceeds and other amounts available.

The issuer’s secured notes include its class A-1, A-2, B, C, D, E-1 and E-2 notes.

Maranon Loan Funding 2016-1, LLC is a co-issuer, and Maranon Capital, LP is collateral manager.

U.S. Bank NA is trustee and as collateral agent.

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