Toro European CLO 1 noteholders exercise call for six classes of notes

By Susanna Moon

Chicago, June 2 – Toro European CLO 1 DAC, formerly known as Toro European CLO 1 Ltd., said holders of its €33 million subordinated notes due 2028 have exercised the redemption option for six classes of notes.

The class A, B, C, D, E and F notes will be redeemed at par plus accrued interest on July 17, as follows:

• €173.5 million class A secured floating-rate notes due 2028;

• €34.5 million class B secured floating-rate notes due 2028;

• €19.25 million class C secured deferrable floating-rate notes due 2028;

• €16.5 million class D secured deferrable floating-rate notes due 2028;

• €22.25 million class E secured deferrable floating-rate notes due 2028; and

• €9 million class F secured deferrable floaters due 2028.

The issuer also will make amendments to the terms of the subordinated notes related to the following:

• Issuing new classes and sub-classes of notes that will be senior to the subordinated notes;

• Extending the non-call period, the reinvestment period and the maturity date for the new rated notes and the existing subordinated notes;

• Procuring that the new rated notes are rated by Moody’s Investors Service and Fitch Ratings;

• Amending the transaction documents to appoint Taurus Corporate Financing LLP as retention holder; and

• Changing the portfolio profile tests, the collateral quality tests, the coverage tests, the eligibility criteria and the reinvestment criteria, and amending the portfolio by adding or removing collateral debt obligations.

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