The AAA tranche was last refinanced in early 2021 at a very tight level of 3M EURIBOR + 64 bps. As of the May trustee report, its factor stood at 57%.
During the post-reinvestment period, annual prepayment rates were 3.8% in the first year and 26.4% in the second. Investcorp has already called many seasoned deals in the third year post-RP, and this would add to that list.
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