Regatta Funding ratings stable
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.