Duchess VII to make further distribution to noteholders

By Sarah Lizee

Olympia, Wash., May 15 – Duchess VII CLO BV expects to make a further distribution to noteholders on Friday, as it has been determined that no incentive collateral management fee is payable.

As previously reported, the issuer had said that, subsequent to the redemption on Feb. 28 of its notes due 2023, it had received further proceeds of liquidation of its collateral.

A distribution to noteholders of those proceeds occurred on April 16.

Because a question of the correct distribution of the incentive collateral management fee remained unresolved at that time, the €6,655,000 held in reserve was not distributed on the April 16 interim distribution date.

The funds held in reserve were withheld from the distribution made on the redemption date and placed in reserve until the incentive collateral management fee issue was resolved.

The notice was sent to holders of the following notes:

• €52.5 million class F secured income notes (ISIN: XS0275882800 and XS0279330995);

• €500,000 class J combination notes (ISIN: XS0275883287 and XS0279332264); and

• €10 million class O combination notes (ISIN: XS0277795653 and XS0279343072).

Deutsche Trustee Co. Ltd. is the trustee.

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