APPROACH

Downside Protection…

Rigorous credit selection, low leverage and structural enhancement

• Resilient sectors driven by non-discretionary spend
• Established, profitable businesses
• Low leverage (max. senior debt of 3x EBIT) and substantial equity cushion (max. 70% LTV)

…With Upside Potential

Contractual return with equity participation

• Contractual yield and principal ranking ahead of the equity
• Interest paid in cash
• Equity warrants or other economic value