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Cathedral Lake CLO III seeks supplemental indenture to correct error
By Wendy Van Sickle
Columbus, Ohio, Sept. 28 – Cathedral Lake CLO III, Ltd. and Cathedral Lake CLO III, Corp. plan to execute a second supplement to the indenture governing their notes issued in 2015 to correct an error, according to a notice from trustee U.S. Bank NA.
The supplemental indenture would replace the phrase “(B) the additional Collateral Obligation purchased with such (x) Unscheduled Principal Payments or (y) the proceeds from the sale of such Credit Risk Obligations shall have (1) a stated maturity at least equal to or earlier than the Stated Maturity of the Secured Notes and (2) the same or higher S&P Rating,” with “(B) the additional Collateral Obligation purchased with such (x) Unscheduled Principal Payments or (y) the proceeds from the sale of such Credit Risk Obligations shall have (1) a stated maturity at least equal to or earlier than the stated maturity of and (2) the same or higher S&P Rating as such Collateral Obligation with respect to which such Unscheduled Principal Payments were received or such Credit Risk Obligation, as applicable.”
If holders of a third of the total outstanding amount of class B notes provide notice to the trustee within 15 business days after the initial distribution of the proposed supplemental indenture that they would be materially and adversely affected, the trustee and co-issuers will not entire into the supplemental indenture without consent of the majority of the class B noteholders, according to the notice.
Consent to the supplemental indenture has been obtained from a majority of the controlling class, according to the notice.
Holders of the class A-1-R loan, the class A-R, B-R, C-R, D-R, E-R notes and the subordinated notes were notified.
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