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ARC Ratings, S.A. accords a public, final long-term ‘A(sf)’ rating to Natwest Markets PLC’s commitment to the senior secured facility committed to Promontoria Challenger I, S.A., arranged by Deutsche Bank AG, London Branch, with stable outlook
14-01-2020

ARC Ratings, S.A. has accorded a final, long-term public rating of ‘A(sf)’ to the senior secured facility committed to Promontoria Challenger I, S.A. (the “Borrower”) and arranged by Deutsche Bank AG, London Branch (DB), with stable outlook. DB and a syndicate of banks (including Natwest Markets PLC (NWM)) provided a facility of up to EUR 2.3bn to the Borrower, who are owned by affiliates of Cerberus Capital Management, L.P. and Banco Sabadell S.A., in order to purchase a portfolio of Real Estate Owned (REO) assets located in Spain. NWM has agreed to commit up to EUR 88.33m, representing 3.84% of the total Senior Loan Commitment Amount. The First Utilisation Date occurred on 20 December 2019. The Facility has an Original Maturity of 20 December 2024, five years after the First Utilisation Date. The rating addresses the timely payment of interest and ultimate repayment of principal.

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