ScandiNotes® I
ScandiNotes® I was redeemed as planned, in May 2008.
The transaction was a static true sale Collateralized Loan Obligation (CLO) based on 8 subordinated term loans to regional Danish financial institutions with a legal maturity of 8 years and an expected maturity of 5 years. Total issue value amounted to DKK 380 million. The transaction was launched in May 2003 and redeemed in May 2008.
The notes were issued by Mare Baltic PCC Ltd, which is a Guernsey-based SPV with a protected cell company structure which has bankruptcy remote cells, thus isolating each cells’ creditor claims to the individual cells.