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7 First Infrastructure CLO rated by Moody's under its Project Finance & Infrastructure CDO Rating Methodology2 100% ramped (91% ramped at closing) Current Weighted Average Rating Factor of 19023 Vehicle leverage of 6.67x: 15% par subordination through Baa3 rated Notes Notes priced at WACD of 191 bps; 21bps wider than BSL CLO4 • No
Baa3 rated Notes Notes priced at WACD of 191 bps; 21bps wider than BSL CLO4 • Note and Equity tranches purchased by 23 unique investors 60bps of Par Creation vs 36bps for 2015 vintage BSL CLO4 Current Equity NAV of 104.2%5 • Weighted Average Spread of 370bps vs 357 bps for 2015 vintage BSL CLO4 Equity ac
7 First Infrastructure CLO rated by Moody's under its Project Finance & Infrastructure CDO Rating Methodology2 100% ramped (91% ramped at closing) Current Weighted Average Rating Factor of 19023 Vehicle leverage of 6.67x: 15% par subordination through Baa3 rated Notes Notes priced at WACD of 191 bps; 21bps wider than BSL CLO4 • No
Baa3 rated Notes Notes priced at WACD of 191 bps; 21bps wider than BSL CLO4 • Note and Equity tranches purchased by 23 unique investors 60bps of Par Creation vs 36bps for 2015 vintage BSL CLO4 Current Equity NAV of 104.2%5 • Weighted Average Spread of 370bps vs 357 bps for 2015 vintage BSL CLO4 Equity ac
7 First Infrastructure CLO rated by Moody's under its Project Finance & Infrastructure CDO Rating Methodology2 100% ramped (91% ramped at closing) Current Weighted Average Rating Factor of 19023 Vehicle leverage of 6.67x: 15% par subordination through Baa3 rated Notes Notes priced at WACD of 191 bps; 21bps wider than BSL CLO4 • No
Baa3 rated Notes Notes priced at WACD of 191 bps; 21bps wider than BSL CLO4 • Note and Equity tranches purchased by 23 unique investors 60bps of Par Creation vs 36bps for 2015 vintage BSL CLO4 Current Equity NAV of 104.2%5 • Weighted Average Spread of 370bps vs 357 bps for 2015 vintage BSL CLO4 Equity ac
Entities connected to both Current Weighted Average Rating Factor and Par Creation
Morgan Stanley Research
ORGANIZATION
Moody's
ORGANIZATIONDeutsche AM's
ORGANIZATIONDeutsche Asset Management Infrastructure Debt Presentation: RIN II Equity
ORGANIZATIONLoans to Economic Infrastructure Assets
ORGANIZATIONMoody's Approach to Rating Collateralized Debt Obligations
ORGANIZATIONProject Finance and Infrastructure Assets
ORGANIZATIONthe Principal Collateral
ORGANIZATION