Collateralised loan obligation refinancing confirmation checklist

We have introduced a new collateralised loan obligation (CLO) refinancing confirmation checklist.

This checklist is designed for an application for a CLO refinancing transaction, where the Jersey-domiciled issuer has previously received consent from us.

What you need to do

This checklist is only applicable where:

• the issuer is a Jersey registered company
• the issuer has already been issued with consent for the issue of notes as part of a CLO transaction
• the notes being refinanced will result in the issue of new, or further notes that are materially consistent with the previously approved terms and conditions
• all the requirements of the checklist are met, and the confirmations contained within it can be provided by the board of the issuer

If these requirements are met, complete the CLO refinancing confirmation checklist and submit it to spv@jerseyfsc.org. If they are not, you will have to submit the checklist for securities issued by Jersey companies.

Turnaround times

We are currently working to the same timelines found in the Securities Issues by Jersey Companies guidance note. However, we expect to provide quicker responses if all the paperwork is comprehensive and complete.

Background

We have seen an increase in the number of migrations of issuers in CLO transactions. Many of these transactions were structured so that outstanding notes were reset at the same time as the continuance coming into effect.

We have seen a number of these same CLO issuers refinancing those notes that were issued at the time of their migration.

These financing transactions often require the issue of a new consent, so we have issued this new checklist.