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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
018. (4) Source. Morgan Stanley Research. As of December 311, 2017. (5) Calculated as (i)Equity contributed plus the sum of (a) the market value of the Principal Collateral plus (b) Principal Collection Account plus (c)Ramp Up Account minus (d) total deal capitalization divided by (ii) Equity contributed. Calculation as
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
018. (4) Source. Morgan Stanley Research. As of December 311, 2017. (5) Calculated as (i)Equity contributed plus the sum of (a) the market value of the Principal Collateral plus (b) Principal Collection Account plus (c)Ramp Up Account minus (d) total deal capitalization divided by (ii) Equity contributed. Calculation as
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
018. (4) Source. Morgan Stanley Research. As of December 311, 2017. (5) Calculated as (i)Equity contributed plus the sum of (a) the market value of the Principal Collateral plus (b) Principal Collection Account plus (c)Ramp Up Account minus (d) total deal capitalization divided by (ii) Equity contributed. Calculation as
Entities connected to both Current Weighted Average Rating Factor and the Principal Collateral
Morgan Stanley Research
ORGANIZATION
Moody's
ORGANIZATIONDeutsche AM's
ORGANIZATIONDeutsche Asset Management Infrastructure Debt Presentation: RIN II Equity
ORGANIZATIONLoans to Economic Infrastructure Assets
ORGANIZATIONPar Creation
ORGANIZATIONMoody's Approach to Rating Collateralized Debt Obligations
ORGANIZATIONProject Finance and Infrastructure Assets
ORGANIZATION