Re­gatta Fund­ing rat­ings sta­ble

The Pak Banker - - 6BUSINESS -

Global rat­ing agency Moody’s has de­ter­mined that en­try by Re­gatta Fund­ing into an as­sign­ment and as­sump­tion agree­ment dated as of Fe­bru­ary 28, 2013 among Cit­i­group Alternative In­vest­ments LLC (“CAI”) as as­signor and ex­ist­ing Col­lat­eral Man­ager to the Is­suer, Napier Park Global Cap­i­tal LP and Napier Park Global Cap­i­tal LLC, a wholly-owned sub­sidiary of Napier as as­signee (the “Napier Park”) (the “As­sign­ment and As­sump­tion”) with re­spect to the Col­lat­eral Man­age­ment Agree­ment be­tween the Is­suer and CAI dated as of March 29, 2007 (the “Agree­ment”), and per­for­mance of the ac­tiv­i­ties con­tem­plated therein, will not in and of them­selves and at this time re­sult in the with­drawal, re­duc­tion or other ad­verse ac­tion with re­spect to any cur­rent rat­ing (in­clud­ing any pri­vate or con­fi­den­tial rat­ing) by Moody’s of any Class of Notes is­sued by the Is­suer. Moody’s does not ex­press an opin­ion as to whether the As­sign­ment and As­sump­tion could have non-cred­itre­lated ef­fects.

Un­der the terms of the As­sign­ment and As­sump­tion, Napier Park agrees to as­sume all the re­spon­si­bil­i­ties, du­ties and obli­ga­tions of the Col­lat­eral Man­ager un­der the Agree­ment and un­der the ap­pli­ca­ble terms of the In­den­ture.

More­over, the As­sign­ment and As­sump­tion does not al­ter the re­spon­si­bil­i­ties, du­ties and obli­ga­tions of the Col­lat­eral Man­ager un­der the Agree­ment in a mean­ing­ful way. Napier, as a re­sult of a “spinout” of cer­tain as­set man­age­ment busi­nesses from CAI, will own CAI’s CLO busi­ness. It is ex­pected that Napier Park, as its’ wholly-owned sub­sidiary, will con­tinue with­out dis­rup­tion or in­ter­rup­tion to man­age the Is­suer’s col­lat­eral un­der the di­rec­tion of the cur­rent CAI port­fo­lio man­age­ment team, and pur­suant to the same col­lat­eral man­age­ment strat­egy that the Is­suer cur­rently fol­lows. In reach­ing its con­clu­sion as to the pos­si­ble ef­fects of the As­sign­ment and As­sump­tion on the cur­rent Moody’s rat­ings of the Notes Moody’s con­sid­ered, among other fac­tors, the re­sources and ex­per­tise of Napier Park to per­form du­ties of Col­lat­eral Man­ager to the Is­suer. Moody’s was also in­formed that the Note­holder con­sent re­quire­ments for the As­sign­ment and As­sump­tion to be­come ef­fec­tive have been sat­is­fied.

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