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Despite its conceptual simplicity, there is considerable variation in the exact language used for rating match. The strictest version, which has become less common in recent years, requires the new asset to have ratings from two different agencies which are as good as the outgoing asset. The single agency form that used to be standard in both markets can be seen in some deals where it is specified which exact form of rating that has to be compared (for example, whether a facility or issuer-level rating). However, many deals, particularly in the US, now give manager the option of matching either an issuer rating or a facility rating. Reach out to contact@dealscribe.com to read this full topic report. #realintelligence #thedevilisinthedetail

Deal updates on the Dealscribe platform this week (Part 2) Redemption/refinancing notices: Crestline Denali CLO XIV - Ares Management Corporation Equity has directed a redemption of the notes in whole via a liquidation. The proposed redemption date is 4 December 2024. Denali Capital CLO XII - Ares Management Corporation Equity has directed a redemption of the notes in whole via a liquidation. The proposed redemption date is 4 December 2024. Generate CLO 8 - Kennedy Lewis Investment Management LLC Equity and the manager have directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 18 November 2024. Golub Capital Partners CLO 26 (B)-R - Golub Capital Equity has directed a redemption of the notes in whole via a liquidation. The proposed redemption date is 2 December 2024. HPS Loan Management 10-2016 - HPS Investment Partners, LLC Equity has directed a redemption of the notes in part through a refinancing. The proposed redemption date is 9 December 2024. Proposed fourth supplemental indenture relates to a refinancing in part. Jubilee CLO 2018-XX - Alcentra Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 19 December 2024. Neuberger Berman CLO XXI - Neuberger Berman Proposed amended and restated indenture relates to a redemption of the notes in whole through a refinancing. OCP CLO 2017-3 - Onex Credit Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 26 November 2024. Segovia European CLO 4-2017 - HPS Investment Partners, LLC Equity has directed a redemption of the notes in whole via a liquidation. The proposed redemption date is 20 January 2025. Valley Stream Park CLO - Blackstone Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 27 November 2024. Proposed amended and restated indenture relates to this refinancing. Whitebox CLO II - Whitebox Advisors Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 26 November 2024. Proposed third supplemental indenture relates to a refinancing in whole. Stay up to date with the CLO market at www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

Deal updates on the Dealscribe platform this week (Part 1) Executed doc changes: Atlas Senior Loan Fund XV - Crescent Capital Group LP $298 million partial refinancing of classes A, C and D. Fitch no longer rates the notes. class X and the combination notes are no longer outstanding. Non-call period for the refinanced notes is one year. Margay CLO I - M&G Investments Amendments to the Collateral Management and Administration Agreement include changes to the ESG Scoring and ESG Eligibility Criteria. Margay CLO II - M&G Investments Amendments to the Collateral Management and Administration Agreement include changes to the ESG Scoring and ESG Eligibility Criteria. Notices: Bridgepoint CLO IV - Bridgepoint The manager is considering a redemption either in whole or in part through a refinancing. Capital Four CLO I - Capital Four The proposed refinancing on 29 November 2024 has been cancelled. The manager will continue to assess options around a future refinancing. Elevation CLO 2016-5 - ArrowMark Partners Equity and the manager are considering a redemption either in whole or in part through a refinancing. Harvest CLO VIII - Investcorp Equity and the manager are considering a redemption in whole via a liquidation. Harvest CLO XVIII - Investcorp The redemption threshold amount will be €203,774,699.18. Hayfin Emerald CLO V - Hayfin Capital Management LLP The notes were redeemed in whole through a refinancing on 18 November 2024. Palmer Square European Loan Funding 2022-2 - Palmer Square Capital Management LLC The notes were redeemed in whole on 18 November 2024. Palmer Square European Loan Funding 2022-2- Palmer Square Capital Management LLC The redemption threshold amount for the redemption of the notes in whole is €251,581,245.41. Pikes Peak CLO 2 - Partners Group The redemption price for class E-R is $3,091,789.70. Stay up to date with the CLO market at www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

Following on from our previous topic report on discount obligation carve-outs, we continue looking into the rules surrounding swapped non-discount obligation this week’s #Pitchfork. One area that a manager is able to gain flexibility is by omitting or weakening the price-match stipulation. Similarly, there are a number of ways that managers can increase their leeway in satisfying the rating match requirement. The rating-match rule says that in order to qualify for the swapped-non-discount carve-out, the new obligation must have at least as good a credit rating as the obligation it replaces. This limits the manager’s ability to build par while trading down in credit quality. For access to this full topic report and more, reach out to contact@dealscribe.com or visit our website www.dealscribe.com. #par #carve #price #rules #CLOsummit #rating #collateralizedloanobligation #thedevilisinthedetail

New Scorecards added to the Dealscribe platform this week: AGL CLO 20(reset) – AGL Credit Management Arranged by: BNP Paribas Manager counsel: Paul Hastings Arbour CLO VI(reset) – Oaktree Capital Management, L.P. Arranged by: Barclays Manager counsel: A&O Shearman Ares LV CLO (reset) – Ares Management Corporation Arranged by: J.P. Morgan Elmwood CLO 33 (reset) – Elmwood Asset Management Arranged by: RBC Manager counsel: Milbank LLP KKR CLO 56 – KKR Arranged by: Wells Fargo Manager counsel: Milbank LLP Magnetite XXIX (reset) – BlackRock Arranged by: Morgan Stanley Manager counsel: DLA Piper OCP Euro CLO 2024-10 – Onex Credit Arranged by: BNP Paribas Manager counsel: Latham & Watkins OHA Credit Funding 11(reset) – Oak Hill Advisors, L.P. Arranged by: BNP Paribas Manager counsel: Milbank LLP Pikes Peak CLO 5 (reset) – Partners Group Arranged by: Morgan Stanley Rockford Tower Europe CLO 2024-1– King Street Capital Management Arranged by: J.P. Morgan Manager counsel: Milbank LLP Signal Peak CLO 7 (reset) – ORIX Group Arranged by: J.P. Morgan Manager counsel: Dechert LLP Reach out directly for access to these scorecards and more reports on our platform at contact@dealscribe.com. #realintelligence #CLOsummit #thedevilisinthedetail

In our prelim round-up of October 2024, we bring you highlights and trends the Dealscribe team have found in their analysis of 87 individual CLO preliminary documents. Some of the findings in our round-up include: Work-out obligations (Europe) - Dealscribe has witnessed a small uptick in European deals attempting to permit the manager to treat proceeds from a work-out loan as interest rather than the usual principal. Controlling class condition (US broadly syndicated, Europe) - Triple A controlling class conditions were present in around 10% of recent preliminary documents. Many of these deals contained relatively vanilla controlling class stips however there were a few more unusual flavors of conditions. For example, one deal layered stricter intend-to-sell consequences for a maturity amendment via a controlling class condition – having to treat the obligation as defaulted if unsold after 30 days. Reach out to contact@dealscribe.com to read our full round-up. #realintelligence #thedevilisinthedetail

Dealscribe is proud to be sponsoring this year's Opal Group CLO Summit in Dana Point, CA. Our team will be present and ready for all your questions. How did we get so good so fast? Where are these supercomputers we talk about? What about AI? How do I sign up? Come by and meet our team: Arjun Ahluwalia - Sales Executive Harriet Clunie-Wylde - Head of Client Engagement (and supercomputer) Johan Zafra - Head of Sales

Deal updates on the Dealscribe platform this week(part 2) Redemption/refinancing notices: Aurium CLO I - Spire Partners Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 27 November 2024. Cedar Funding XI CLO - Aegon Asset Management Proposed third supplemental indenture relates to a partial refinancing of classes A to B. CIFC Funding 2022-VII - CIFC Asset Management Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 15 November 2024. Proposed supplemental indenture relates to this refinancing. Dryden 103 Euro CLO 2021 - PGIM Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 9 December 2024. Elmwood CLO II - Elmwood Asset Management Revised proposed amended and restated indenture relates to a redemption of the notes in whole through a refinancing. Fortress Credit BSL VII - Fortress Investment Group Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 20 November 2024. Greywolf CLO III (Re-issue) - Greywolf Capital Management LP Equity and the manager have directed a partial refinancing of classes A to C. The proposed redemption date is 14 November 2024. Harvest CLO XVIII - Investcorp Equity has directed a redemption of the notes in whole via a liquidation. The proposed redemption date is 11 December 2024. Harvest CLO XIX - Investcorp The redemption threshold amount for the redemption of the notes in whole is €197,739,248.24. Margay CLO I - M&G Investments Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 23 December 2024. OCP CLO 2017-13 - Onex Credit Equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 26 November 2024. Proposed amended and restated indenture relates to this refinancing. OFSI BSL VIII - OFS Capital Management LLC Equity has directed a redemption of the notes in whole via a liquidation. The proposed redemption date is 15 November 2024. RR 4 - Redding Ridge Asset Management The manager has directed a redemption of the notes in whole. The proposed redemption date is 15 November 2024. RRX 5 - Redding Ridge Asset Management The manager with the consent of equity has directed a redemption of the notes in whole through a refinancing. The proposed redemption date is 14 November 2024. Proposed third supplemental indenture relates to this refinancing. Stay up to date with the CLO market at www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

Deal updates on the Dealscribe platform this week(part 1) Executed doc changes: Mountain View CLO 2016-1 - Seix Investment Advisors $313 million partial refinancing of class A to class C (excluding class B-2-R). Non-call period for the refinanced notes is 0.75 years OFSI BSL X - OFS Capital Management LLC $235.6 million partial refinancing of class A and class B. Non-call period for the refinanced notes is one year Wellfleet CLO 2018-2 - Blue Owl Capital $283.8 million partial refinancing of class A to class C. Fitch no longer rates the notes. Non-call period for the refinanced notes is 0.5 years Wellfleet CLO X - Blue Owl Capital $326.6 million partial refinancing of class A to class C. A portion of the class X notes remains outstanding. Non-call period for the refinanced notes is 0.5 years Wind River 2022-1 - First Eagle Investments $338 million partial refinancing of class A, class B-1, class C, and class D-1. Non-call period for the refinanced notes is one year Notices: 522 Funding CLO 2020-6 - Morgan Stanley Investment Management The proposed redemption of class D-R on 15 November 2024 has been withdrawn. The refinancing of classes A-R to C-R will still occur Anchorage Capital Europe CLO 3 - Anchorage Capital Group, L.L.C. The date for the redemption of the notes has been changed to 13 November 2024 Aqueduct European CLO 4-2019 - HPS Investment Partners, LLC The date for the redemption of the notes will no longer be 11 November 2024 Arbour CLO VII - Oaktree Capital Management, L.P. Equity has consented to the terms of the proposed refinancing. The date for the redemption of the notes has been changed CIFC Funding 2021-V- CIFC Asset Management Equity and the manager are considering a redemption either in whole or in part through a refi Dryden 68 CLO - PGIM Equity and the manager are considering a redemption either in whole or in part through a refi Fidelity Grand Harbour CLO 2024-1 - Fidelity Investments FMR Investment Management (UK) Limited has entered into a business purchase agreement with FIL Limited to purchase all of the collateral management business from the collateral manager. The same notice has been shared for other Fidelity CLOs Harvest CLO XXI - Investcorp The manager is considering a redemption of the notes either in whole or in part through a refi ICG Euro CLO 2022-1 - Intermediate Capital Group (ICG) Equity is considering a redemption of the notes either in whole or in part through a refi Magnetite XXXIX - BlackRock Equity and the manager are considering a redemption either in whole or in part through a refi Octagon Investment Partners 47 - Octagon Credit Investors Equity and the manager are considering a redemption either in whole or in part through a refi OFSI BSL VIII = OFS Capital Management LLC The proposed redemption of equity has been withdrawn. The redemption of class E will still occur Stay up to date with the CLO market at www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

In this week’s #Pitchfork we release our prelim round-up for October 2024. In October, Dealscribe analyzed 87 individual CLO preliminary documents on a private basis taking the annual total to over 500. Helping drive October’s numbers were 22 European deals split between 12 new issues and 10 resets across a broad range of managers. Some of the trends we examine in this round-up report include controlling class conditions in both Europe and US BSL deals, discount obligation thresholds in US BSL documentation and work-out obligation rules in Europe. Keen to read this full round-up report? Message us at contact@dealscribe.com or visit our website www.dealscribe.com. #US #EU #private #notes #class #CLOsummit #CLO #realintelligence #thedevilisinthedetail