Obligation Adagio V CLO DAC 0.66% ( XS1693938778 ) en EUR

Adagio V CLO DAC

100 % ⇌

Irlande

XS1693938778 ( en EUR )

0.66% par an ( paiement trimestriel )

14/10/2029

Prospectus brochure de l'obligation Adagio IV CLO DAC XS1693938778 en EUR 0.66%, échéance 14/10/2029

16/10/2025 ( Dans 31 jours )

Adagio IV CLO DAC est une Collateralized Loan Obligation (CLO), une structure financière qui émet des titres de dette à différentes tranches, adossés à un portefeuille diversifié de prêts à effet de levier gérés activement.

L'obligation XS1693938778 émise par Adagio IV CLO DAC en Irlande, affichant un prix actuel de 100% de sa valeur nominale en EUR, offre un taux d'intérêt annuel de 0,66% avec une maturité fixée au 14 octobre 2029 et des paiements d'intérêts effectués quatre fois par an.

Adagio IV CLO Designated Activity Company
(formerly known as Adagio IV CLO Limited, a designated activity company incorporated under the laws of Ireland, under company
number 560032)
200,500,000 Class A-1 Senior Secured Floating Rate Notes due 2029
5,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2029
39,200,000 Class B-1 Senior Secured Floating Rate Notes due 2029
7,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2029
18,000,000 Class C Deferrable Mezzanine Floating Rate Notes due 2029
18,600,000 Class D Deferrable Mezzanine Floating Rate Notes due 2029
25,200,000 Class E Deferrable Junior Floating Rate Notes due 2029
This Prospectus incorporates, as an integral part of this Prospectus, the final Prospectus dated 7 September 2015 (the "2015 Prospectus") relating to the Original Notes (defined
below). Capitalised terms used herein and not otherwise defined shall have the meanings given to such terms in the 2015 Prospectus. The 2015 Prospectus is attached hereto
as Annex A.
The assets securing the Notes will consist predominantly of a portfolio of Secured Senior Loans and Secured Senior Bonds, Mezzanine Obligations, Corporate Rescue Loans
and High Yield Bonds managed by AXA Investment Managers, Inc. (the "Investment Manager").
On 8 September 2015 (the "Original Closing Date") Adagio IV CLO Designated Activity Company (formerly known as Adagio IV CLO Limited) (the "Issuer") issued the
Class A-1 Notes (the "Original Class A-1 Notes"), the Class A-2 Notes (the "Original Class A-2 Notes"), the Class B-1 Notes (the "Original Class B-1 Notes"), the Class B-2
Notes (the "Original Class B-2 Notes"), the Class C Notes (the "Original Class C Notes"), the Class D Notes (the "Original Class D Notes") and the Class E Notes (the
"Original Class E Notes" and, together with the Original Class A-1 Notes, the Original Class A-2 Notes, the Original Class B-1 Notes, the Original Class B-2 Notes, the
Original Class C Notes and the Original Class D Notes, the "Refinanced Notes"), the Class F Notes and the Subordinated Notes (the Refinanced Notes together with the
Class F Notes and the Subordinated Notes, the "Original Notes"). The Original Notes were issued and secured pursuant to a trust deed (the " Original Trust Deed") dated 8
September 2015, made between (amongst others) the Issuer and BNY Mellon Corporate Trustee Services Limited, in its capacity as trustee (the "Trustee").
On or about 16 October 2017 (the "Refinancing Date", and with respect to the Refinanced Notes, the "Redemption Date"), the Issuer will, subject to certain conditions,
refinance the Original Class A-1 Notes, the Original Class A-2 Notes, the Original Class B-1 Notes, the Original Class B-2 Notes, the Original Class C Notes, the Original
Class D Notes and the Original Class E Notes by issuing 200,500,000 Class A-1 Senior Secured Floating Rate Notes due 2029 (the "Class A-1 Notes"), 5,000,000 Class A-2
Senior Secured Fixed Rate Notes due 2029 (the "Class A-2 Notes" and, together with the Class A-1 Notes, the "Class A Notes"), 39,200,000 Class B-1 Senior Secured
Floating Rate Notes due 2029 (the "Class B-1 Notes"), 7,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2029 (the "Class B-2 Notes" and, together with the
Class B-1 Notes, the "Class B Notes"), 18,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2029 (the "Class C Notes"), 18,600,000 Class D Deferrable
Mezzanine Floating Rate Notes due 2029 (the "Class D Notes") and 25,200,000 Class E Deferrable Junior Floating Rate Notes due 2029 (the "Class E Notes" and, together
with the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, the "Refinancing Notes" and, together with the Class F Notes and the Subordinated Notes,
the "Notes").
The Refinancing Notes will be issued and secured pursuant to a Supplemental Trust Deed (the "Supplemental Trust Deed") dated on or about 16 October 2017 (the
"Refinancing Date"), made between (amongst others) the Issuer and BNY Mellon Corporate Trustee Services Limited, in its capacity as trustee (the "Trustee").
Interest on the Notes will be payable quarterly in arrear on 15 April, 15 July, 15 October and 15 January prior to the occurrence of a Frequency Switch Event (as defined herein)
and semi-annually in arrear on 15 April and 15 October (where the Payment Date (as defined herein) immediately prior to the occurrence of a Frequency Switch Event falls in
either April or October) or 15 January and 15 July (where the Payment Date immediately prior to the occurrence of a Frequency Switch Event falls in either January or July)
following the occurrence of a Frequency Switch Event (or, in each case, if such day is not a Business Day (as defined herein), then on the next succeeding Business Day (unless
it would fall in the following month, in which case it shall be moved to the immediately preceding Business Day)) in each year and ending on the Maturity Date (as defined
herein) in accordance with the Priorities of Payments described herein and in the 2015 Prospectus.
The Refinancing Notes will be subject to Optional Redemption, Mandatory Redemption and Special Redemption, each as described herein. See Condition 7 (Redemption and
Purchase).
SEE THE SECTION ENTITLED "RISK FACTORS" HEREIN FOR A DISCUSSION OF CERTAIN FACTORS TO BE CONSIDERED IN CONNECTION WITH AN
INVESTMENT IN THE NOTES.
This Prospectus does not constitute a prospectus for the purposes of Article 5 of Directive 2003/71/EC (as such directive may be amended from time to time, the "Prospectus
Directive"). The Issuer is not offering the Refinancing Notes in any jurisdiction in circumstances that would require a prospectus to be prepared pursuant to the Prospectus
Directive. Application has been made to the Irish Stock Exchange plc (the "Irish Stock Exchange") for the Refinancing Notes to be admitted to the official list (the "Official
List") and to trading on the Global Exchange Market of The Irish Stock Exchange (the "Global Exchange Market") which is the exchange regulated market of the Irish Stock
Exchange. There can be no assurance that such listing will be granted or, if granted, maintained. Application has been made to the Irish Stock Exchange to approve this
Prospectus as listing particulars for such application.
The Refinancing Notes are limited recourse obligations of the Issuer which are payable solely out of amounts received by or on behalf of the Issuer in respect of the Collateral
(as defined herein). The net proceeds of the realisation of the security over the Collateral upon acceleration of the Notes following an Event of Default (as defined herein) may
be insufficient to pay all amounts due to the Noteholders (as defined herein) after making payments to other creditors of the Issuer ranking prior thereto or pari passu therewith.
In the event that there is a shortfall in such proceeds, the Issuer will not be obliged to pay, and the other assets (including the Irish Excluded Assets (as defined herein)) of the
Issuer will not be available for payment of such shortfall, all claims in respect of which shall be extinguished. See Condition 4 (Security).
THE REFINANCING NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT") AND WILL BE OFFERED ONLY: (A) OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS (AS DEFINED IN REGULATION S
UNDER THE SECURITIES ACT ("REGULATION S")); AND (B) WITHIN THE UNITED STATES TO PERSONS AND OUTSIDE THE UNITED STATES TO U.S.
PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S ("U.S. PERSONS")), IN EACH CASE, WHO ARE BOTH QUALIFIED INSTITUTIONAL BUYERS (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT AND QUALIFIED PURCHASERS FOR
THE PURPOSES OF SECTION 3(C)(7) OF THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY
ACT"). THE ISSUER WILL NOT BE REGISTERED UNDER THE INVESTMENT COMPANY ACT. INTERESTS IN THE REFINANCING NOTES WILL BE SUBJECT
TO CERTAIN RESTRICTIONS ON TRANSFER, AND EACH PURCHASER OF REFINANCING NOTES OFFERED HEREBY IN MAKING ITS PURCHASE WILL BE
REQUIRED TO OR DEEMED TO HAVE MADE CERTAIN ACKNOWLEDGEMENTS, REPRESENTATIONS AND AGREEMENTS. SEE "PLAN OF DISTRIBUTION"
AND "TRANSFER RESTRICTIONS".

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The Refinancing Notes will be offered by the Issuer through Barclays Bank PLC in its capacity as initial purchaser of the offering of such Notes (the "Initial Purchaser")
subject to prior sale, when, as and if delivered to and accepted by the Initial Purchaser, and to certain conditions. It is expected that delivery of the Refinancing Notes will be
made on or about the Refinancing Date. The Initial Purchaser may offer the Refinancing Notes at prices as may be negotiated at the time of sale which may vary among
different purchasers.
Barclays
as Sole Arranger and Initial Purchaser
The date of this Prospectus is 13 October 2017

The Issuer accepts responsibility for the information contained in this document and to the best of the knowledge
and belief of the Issuer (which has taken all reasonable care to ensure that such is the case), such information is
in accordance with the facts and does not omit anything likely to affect the import of such information. The
Investment Manager accepts responsibility for the information contained in the sections of this document and the
2015 Prospectus headed "Risk Factors--Relating to certain Conflicts of Interest--Investment Manager", "Risk
Factors--Conflicts of Interest--Certain Conflicts of Interest Involving the Investment Manager and its Affiliates",
"The Investment Manager" and "Description of the Investment Management and Collateral Administration
Agreement Cross Transactions, Principal Transactions and Conflicts of Interest". To the best of the knowledge
and belief of the Investment Manager (which has taken all reasonable care to ensure that such is the case), such
information is in accordance with the facts and does not omit anything likely to affect the import of such
information. The Bank of New York Mellon acting through its London Branch in its capacity as Calculation
Agent, Principal Paying Agent, Account Bank and Custodian accepts responsibility for the information contained
in the section of the 2015 Prospectus headed "The Calculation Agent, Principal Paying Agent, Account Bank and
Custodian". To the best of the knowledge and belief of The Bank of New York Mellon acting through its London
Branch in its capacity as Calculation Agent, Principal Paying Agent, Account Bank and Custodian (which has
taken all reasonable care to ensure that such is the case), such information is in accordance with the facts and
does not omit anything likely to affect the import of such information. The Bank of New York Mellon S.A./N.V.
acting through its Dublin Branch in its capacity as Collateral Administrator and the Information Agent accepts
responsibility for the information contained in the section of the 2015 Prospectus headed "The Collateral
Administrator and the Information Agent". To the best of the knowledge and belief of The Bank of New York
Mellon S.A./N.V. acting through its Dublin Branch in its capacity as Collateral Administrator and the Information
Agent (which has taken all reasonable care to ensure that such is the case), such information is in accordance
with the facts and does not omit anything likely to affect the import of such information. The Investment Manager
in its capacity as the Retention Holder accepts responsibility for the information contained in the sections of the
2015 Prospectus headed "The Retention Holder and Retention Requirements Description of the Retention
Holder", "The Retention Holder and Retention Requirements Origination Procedures" and "The Retention
Holder and Retention Requirements The Retention Background". To the best of the knowledge and belief of
the Investment Manager in its capacity as the Retention Holder (which has taken all reasonable care to ensure
that such is the case), such information is in accordance with the facts and does not omit anything likely to affect
the import of such information. Except for the sections of the 2015 Prospectus and this document headed "Risk
Factors--Relating to certain Conflicts of Interest--Investment Manager", "Risk Factors--Conflicts of Interest--
Certain Conflicts of Interest Involving the Investment Manager and its Affiliates", "The Investment Manager"
and "Description of the Investment Management and Collateral Administration Agreement Cross Transactions,
Principal Transactions and Conflicts of Interest" in the case of the Investment Manager, "The Calculation Agent,
Principal Paying Agent, Account Bank and Custodian" in the case of The Bank of New York Mellon acting through
its London Branch, "The Collateral Administrator and the Information Agent" in the case of The Bank of New
York Mellon S.A./N.V. acting through its Dublin Branch and "The Retention Holder and Retention Requirements
 Description of the Retention Holder", "The Retention Holder and Retention Requirements Origination
Procedures", "The Retention Holder and Retention Requirements The Retention Background" in the case of
the Investment Manager in its capacity as the Retention Holder, none of the Investment Manager, the Collateral
Administrator, the Agents or the Retention Holder accept any responsibility for the accuracy and completeness of
any information contained in this Prospectus. The delivery of this Prospectus at any time does not imply that the
information herein is correct at any time subsequent to the date of this Prospectus.
The Issuer has only made very limited enquiries with regards to the accuracy and completeness of the information
under the sections of this Prospectus and the 2015 Prospectus entitled "Risk Factors Risks relating to certain
Conflicts of Interest Investment Manager", "Risk Factors--Conflicts of Interest--Certain Conflicts of Interest
Involving the Investment Manager and its Affiliates", "The Investment Manager", "Description of the Investment
Management and Collateral Administration Agreement Cross Transactions, Principal Transactions and
Conflicts of Interest", "The Collateral Administrator and Information Agent", "The Calculation Agent, Principal
Paying Agent, Account Bank and Custodian", "The Retention Holder and Retention Requirements Description
of the Retention Holder", "The Retention Holder and Retention Requirements Origination Procedures" and
"The Retention Holder and Retention Requirements The Retention Background" in this Prospectus (together,
the "Third Party Information"). As far as the Issuer is aware and is able to ascertain from information published
by that third party, no facts have been omitted which would render the reproduced information inaccurate or
misleading. Prospective investors in the Notes should not rely upon, and should make their own independent
investigations and enquiries in respect of, the accuracy and completeness of the Third Party Information.
None of the Sole Arranger, the Initial Purchaser nor any of its Affiliates, the Trustee, the Investment Manager
(save in respect of the sections of this Prospectus and the 2015 Prospectus headed "Risk Factors--Relating to

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certain Conflicts of Interest--Investment Manager", "Risk Factors--Conflicts of Interest--Certain Conflicts of
Interest Involving the Investment Manager and its Affiliates", "The Investment Manager", and "Description of
the Investment Management and Collateral Administration Agreement Cross Transactions, Principal
Transactions and Conflicts of Interest"), the Collateral Administrator and the Information Agent (save in respect
of the section headed "The Collateral Administrator and the Information Agent"), any Agent (save in respect of
the section headed "The Calculation Agent, Principal Paying Agent, Account Bank and Custodian"), any Hedge
Counterparty, the Investment Manager in its capacity as the Retention Holder (save in respect of the sections
headed "The Retention Holder and Retention Requirements Description of the Retention Holder", "The
Retention Holder and Retention Requirements Origination Procedures" and "The Retention Holder and
Retention Requirements The Retention Background") or any other party has separately verified the
information contained in this Prospectus or the 2015 Prospectus and, accordingly, none of the Sole Arranger,
Initial Purchaser nor any of its Affiliates, the Trustee, the Investment Manager (save as specified above), any
Agent (save as specified above), any Hedge Counterparty, the Investment Manager in its capacity as the Retention
Holder (save as specified above) or any other party (save for the Issuer as specified above) makes any
representation, recommendation or warranty, express or implied, regarding the accuracy, adequacy,
reasonableness or completeness of the information contained in this Prospectus, the 2015 Prospectus or in any
further notice or other document which may at any time be supplied in connection with the Refinancing Notes or
their distribution or accepts any responsibility or liability therefor. None of the Sole Arranger, Initial Purchaser
(nor any of its Affiliates), the Trustee, the Investment Manager, any Agent, any Hedge Counterparty, the
Investment Manager in its capacity as the Retention Holder or any other party undertakes to review the financial
condition or affairs of the Issuer during the life of the arrangements contemplated by this Prospectus or the 2015
Prospectus nor to advise any investor or potential investor in the Notes of any information coming to the attention
of any of the aforementioned parties which is not included in this Prospectus or the 2015 Prospectus. None of the
Sole Arranger, Initial Purchaser (nor any of its Affiliates), the Trustee, the Investment Manager (save as specified
above), any Agent (save as specified above), any Hedge Counterparty, the Investment Manager in its capacity as
the Retention Holder (save as specified above) or any other party (save for the Issuer as specified above) accepts
any responsibility for the accuracy or completeness of any information contained in this Prospectus or the 2015
Prospectus.
This Prospectus does not constitute an offer of, or an invitation by or on behalf of, the Issuer, the Sole Arranger
and Initial Purchaser or any of its Affiliates, the Investment Manager, the Collateral Administrator or any other
person to subscribe for or purchase any of the Notes. The distribution of this Prospectus and the offering of the
Refinancing Notes in certain jurisdictions may be restricted by law. Persons into whose possession this
Prospectus comes are required by the Issuer and the Sole Arranger, Initial Purchaser to inform themselves about
and to observe any such restrictions. In particular, the communication constituted by this Prospectus is directed
only at persons who are (a) persons in member states of the European Economic Area ("EEA") that are
"qualified investors" within the meaning of Article 2(1)(e) of EU Directive 2003/71/EC ("Qualified Investors"),
(b) in the United Kingdom ("UK"), are Qualified Investors of the kind described in Article 48(2)(a) to (d) (high
net worth companies, unincorporated associations, etc.) of the UK Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, or who otherwise fall within an exemption set forth in such Order so that
section 21(1) of the Financial Services and Markets Act 2000 (as amended and including the Financial Services
Act 2012) does not apply to the Issuer, and (c) persons to whom such communications can be sent lawfully in
accordance with all other applicable securities laws (all such persons together being referred to as "relevant
persons"). This communication must not be distributed to, acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this communication relates is available only to relevant
persons and will be engaged in only with relevant persons. For a description of certain further restrictions on
offers and sales of Refinancing Notes and distribution of this Prospectus, see "Plan of Distribution" and
"Transfer Restrictions" below.
In connection with the issue and sale of the Refinancing Notes, no person is authorised to give any information
or to make any representation not contained in this Prospectus and, if given or made, such information or
representation must not be relied upon as having been authorised by or on behalf of the Issuer, the Sole Arranger,
Initial Purchaser, the Trustee, the Investment Manager or the Collateral Administrator. The delivery of this
Prospectus at any time does not imply that the information contained in it is correct as at any time subsequent to
its date.
In this Prospectus, unless otherwise specified or the context otherwise requires, all references to "Euro", "euro",
"" and "EUR" are to the lawful currency of the member states of the European Union that have adopted and
retain the single currency in accordance with the Treaty establishing the European Community, as amended from
time to time; provided that if any member state or states ceases to have such single currency as its lawful currency
(such member state(s) being the "Exiting State(s)"), the euro shall, for the avoidance of doubt, mean for all

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purposes the single currency adopted and retained as the lawful currency of the remaining member states and
shall not include any successor currency introduced by the Exiting State(s), all references to "Sterling" and "£"
shall mean the lawful currency of the United Kingdom and any references to "U.S. Dollar", "U.S. dollar",
"USD", "U.S. Dollar" or "$" shall mean the lawful currency of the United States of America.
Each of Fitch and Moody's are established in the EU and are registered under Regulation (EC) No 1060/2009.
In connection with the issue of the Refinancing Notes, no stabilisation will take place and neither Barclays Bank
PLC nor any Affiliate thereof will be acting as stabilising manager in respect of the Refinancing Notes.
Any websites referred to herein do not form part of this Prospectus.
The Issuer is not and will not be regulated by the Central Bank of Ireland as a result of issuing the Refinancing
Notes. Any investment in the Refinancing Notes does not have the status of a bank deposit and is not within the
scope of the deposit protection scheme operated by the Central Bank of Ireland.

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NOTICE TO KOREAN INVESTORS
The Subordinated Notes may be characterised as "debt securities" as defined under Article 4(3) of the Financial
Investment Services and Capital Markets Act of Korea (the "FSCMA") or as any security listed under Article
4(2) of the FSCMA. No communication (whether written or oral) with the Issuer or its Affiliates, representatives,
agents or counsel (including the usage of the terms or expressions of "note", "security", "bond" or "instrument")
shall be deemed to be an assurance or guarantee that the Subordinated Notes will be characterised as debt securities
under Korean laws and regulations and the generally accepted accounting principles in Korea ("KGAAP"). Each
resident of Korea who purchases any Subordinated Notes shall be considered to be capable of assessing or
analysing the legal nature or characterisation of the Subordinated Notes under Korean laws and regulations and
KGAAP (based upon its own judgment and upon advice from such advisers as it has deemed necessary) and
understanding the consequences and risks from the re-characterisation of the Subordinated Notes.
Retention Requirements
PURSUANT TO THE U.S. RISK RETENTION RULES, THE SPONSOR IS REQUIRED TO DISCLOSE OR
CAUSE TO BE DISCLOSED TO INVESTORS THE PORTION OF THE NOTES THAT THE SPONSOR IS
REQUIRED TO ACQUIRE AS AN ELIGIBLE VERTICAL INTEREST DESCRIBED UNDER "CREDIT RISK
RETENTION." IN ADOPTING THE U.S. RISK RETENTION RULES, THE RELEVANT REGULATORY
AUTHORITIES INDICATED THAT THE PURPOSE OF THE FOREGOING DISCLOSURES IS TO ALLOW
INVESTORS TO ANALYZE THE AMOUNT OF THE SPONSOR'S ECONOMIC INTEREST ("SKIN IN THE
GAME") IN THE TRANSACTIONS DESCRIBED IN THE 2015 PROSPECTUS AND HEREIN. AS SUCH,
THE VERTICAL INTEREST DISCLOSURES SET FORTH HEREIN SHOULD NOT BE USED FOR ANY
OTHER PURPOSE, INCLUDING, WITHOUT LIMITATION, IN MAKING AN INVESTMENT DECISION
WITH RESPECT TO ANY OF THE NOTES.
Investors are directed to the further descriptions of the Retention Requirements in "Risk Factors--The Dodd Frank
Act and US Risk Retention Rules", "Risk Factors European Risk Retention" and "The Retention Holder and
Retention Requirements" in the 2015 Prospectus and "Risk Factors Regulatory Initiatives Risk Retention and
Due Diligence" and "Credit Risk Retention" below. Each prospective investor in the Refinancing Notes is
required to independently assess and determine whether the information provided herein and in any reports
provided to investors in relation to this transaction (including the Reports) are sufficient to comply with the
Retention Requirements or any other applicable legal, regulatory or other requirements. None of the Issuer, the
Investment Manager, any Investment Manager Related Person, the Initial Purchaser, the Sole Arranger any Agent,
the Trustee, the Retention Holder, their respective Affiliates, corporate officers or professional advisors or any
other Person makes any representation, warranty or guarantee that any such information is sufficient for such
purposes or any other purpose and no such Person shall have any liability to any prospective investor or any other
Person with respect to the insufficiency of such information or any failure of the transactions contemplated hereby
to satisfy the Retention Requirements or any other applicable legal, regulatory or other requirements other than,
in the case of the Investment Manager, where such failure results from a breach of the Risk Retention Letter (as
defined in the terms and conditions of the Refinancing Notes) by the Investment Manager. Each prospective
investor in the Refinancing Notes should consult with its own legal, accounting, regulatory and other advisors
and/or its national regulator to determine whether, and to what extent, such information is sufficient for such
purposes and any other requirements of which it is uncertain. Each recipient of this Prospectus, to the extent it
considers the U.S. Risk Retention Rules to be relevant to its decision to invest, should independently assess and
determine the sufficiency, for the purposes of complying with the U.S. Risk Retention Rules, of the information
set forth in this Prospectus, and should consult with its own legal, accounting and other advisors or its national
regulator to determine whether, and to what extent, such information is sufficient for such purposes and with
respect to any other related requirements of which it is uncertain.
The Monthly Reports will include a statement as to the receipt by the Issuer, the Collateral Administrator, the
Trustee and the Initial Purchaser of a confirmation from the Retention Holder as to the holding of the Retention
Notes and that the Retention Holder has not hedged or otherwise mitigated its credit risk associated with the
Retention Notes or the underlying portfolio of Collateral Debt Obligations, which confirmation the Retention
Holder will undertake in the Risk Retention Letter to provide to the Issuer, the Collateral Administrator, the
Trustee and the Initial Purchaser on a monthly basis.
Information as to placement within the United States
The Refinancing Notes of each Class offered pursuant to an exemption from registration under Rule 144A under
the Securities Act ("Rule 144A") (the "Rule 144A Notes") will be sold only to "qualified institutional buyers"

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(as defined in Rule 144A) ("QIBs") that are also "qualified purchasers" for purposes of Section 3(c)(7) of the
Investment Company Act ("QPs"). Rule 144A Notes of each Class will each be represented on issue by beneficial
interests in one or more permanent global certificates of such Class (each, a "Rule 144A Global Certificate" and
together, the "Rule 144A Global Certificates") or in some cases definitive certificates (each a "Rule 144A
Definitive Certificate" and together the "Rule 144A Definitive Certificates"), in each case in fully registered
form, without interest coupons or principal receipts, which will be deposited on or about the Issue Date with, and
registered in the name of, a nominee of a common depositary for Euroclear and Clearstream, Luxembourg or in
the case of Rule 144A Definitive Certificates, the registered holder thereof. The Refinancing Notes of each Class
sold outside the United States to non-U.S. Persons in reliance on Regulation S ("Regulation S") under the
Securities Act (the "Regulation S Notes") will each be represented on issue by beneficial interests in one or more
permanent global certificates of such Class (each, a "Regulation S Global Certificate" and together, the
"Regulation S Global Certificates"), or in some cases by definitive certificates of such Class (each a
"Regulation S Definitive Certificate" and together, the "Regulation S Definitive Certificates") in fully
registered form, without interest coupons or principal receipts, which will be deposited on or about the Issue Date
with, and registered in the name of, a nominee of a common depositary for Euroclear Bank SA/NV, as operator
of the Euroclear system ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream,
Luxembourg") or, in the case of Regulation S Definitive Certificates, the registered holder thereof. Neither U.S.
Persons nor U.S. residents (as determined for the purposes of the Investment Company Act) ("U.S. Residents")
may hold an interest in a Regulation S Global Certificate or a Regulation S Definitive Certificate. Ownership
interests in the Regulation S Global Certificates and the Rule 144A Global Certificates (together, the "Global
Certificates") will be shown on, and transfers thereof will only be effected through, records maintained by
Euroclear and Clearstream, Luxembourg and their respective participants. Refinancing Notes in definitive
certificated form will be issued only in limited circumstances. In each case, purchasers and transferees of notes
will be deemed, and in certain circumstances will be required, to have made certain representations and
agreements. See "Form of the Notes", "Book Entry Clearance Procedures", "Plan of Distribution" and "Transfer
Restrictions" in the 2015 Prospectus.
The Issuer has not been registered under the Investment Company Act in reliance on Section 3(c)(7) of the
Investment Company Act. Each purchaser of an interest in the Refinancing Notes (other than a non-U.S. Person
outside the U.S.) will be deemed to have represented and agreed that it is a QP and will also be deemed to have
made the representations set out in "Transfer Restrictions" in the 2015 Prospectus. The purchaser of any
Refinancing Note, by such purchase, agrees that such Refinancing Note is being acquired for its own account and
not with a view to distribution and may be resold, pledged or otherwise transferred only (1) to the Issuer (upon
redemption thereof or otherwise), (2) to a person the purchaser reasonably believes is a QIB which is also a QP,
in a transaction meeting the requirements of Rule 144A, or (3) outside the United States to a non-U.S. Person in
an offshore transaction in reliance on Regulation S, in each case, in compliance with the Trust Deed and all
applicable securities laws of any state of the United States or any other jurisdiction. See "Transfer Restrictions".
In making an investment decision, investors must rely on their own examination of the Issuer and the terms of the
Refinancing Notes and the offering thereof described herein, including the merits and risks involved.
THE REFINANCING NOTES OFFERED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED
WITH, OR APPROVED BY, ANY UNITED STATES FEDERAL OR STATE SECURITIES COMMISSION
OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT
PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR
ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENCE.
This Prospectus has been prepared by the Issuer solely for use in connection with the offering of the Refinancing
Notes described herein (the "Offering") and for the listing of the Refinancing Notes of each Class on the Official
List of the Irish Stock Exchange. Each of the Issuer and the Initial Purchaser reserves the right to reject any offer
to purchase Notes in whole or in part for any reason, or to sell less than the stated initial principal amount of any
Class of Notes offered hereby. This Prospectus is personal to each offeree to whom it has been delivered by the
Issuer and the Initial Purchaser or any Affiliate thereof and does not constitute an offer to any other person or to
the public generally to subscribe for or otherwise acquire the Notes. Distribution of this Prospectus to any persons
other than the offeree and those persons, if any, retained to advise such offeree with respect thereto is unauthorised
and any disclosure of any of its contents, without the prior written consent of the Issuer, is prohibited. Any
reproduction or distribution of this Prospectus in whole or in part and any disclosure of its contents or use of any
information herein for any purpose other than considering an investment in the securities offered herein is
prohibited.

vii

Available Information
To permit compliance with the Securities Act in connection with the sale of the Notes in reliance on Rule 144A,
the Issuer will be required under the Trust Deed to furnish upon request to a holder or beneficial owner who is a
QIB of a Refinancing Note sold in reliance on Rule 144A or a prospective investor who is a QIB designated by
such holder or beneficial owner the information required to be delivered under Rule 144A(d)(4) under the
Securities Act if at the time of the request the Issuer is neither a reporting company under section 13 or
section 15(d) of the United States Securities Exchange Act of 1934, as amended, nor exempt from reporting
pursuant to Rule 12g3-2(b) under the Exchange Act. All information made available by the Issuer pursuant to the
terms of this paragraph may also be obtained during usual business hours free of charge at the office of the Issuer.
General Notice
EACH PURCHASER OF THE REFINANCING NOTES MUST COMPLY WITH ALL APPLICABLE LAWS
AND REGULATIONS IN FORCE IN EACH JURISDICTION IN WHICH IT PURCHASES, OFFERS OR
SELLS SUCH REFINANCING NOTES OR POSSESSES OR DISTRIBUTES THIS PROSPECTUS AND
MUST OBTAIN ANY CONSENT, APPROVAL OR PERMISSION REQUIRED FOR THE PURCHASE,
OFFER OR SALE BY IT OF SUCH NOTES UNDER THE LAWS AND REGULATIONS IN FORCE IN ANY
JURISDICTIONS TO WHICH IT IS SUBJECT OR IN WHICH IT MAKES SUCH PURCHASES, OFFERS OR
SALES, AND NONE OF THE ISSUER, THE INITIAL PURCHASER, THE SOLE ARRANGER, THE
INVESTMENT MANAGER, THE TRUSTEE (OR ANY OF THEIR RESPECTIVE AFFILIATES) OR THE
COLLATERAL ADMINISTRATOR SPECIFIED HEREIN SHALL HAVE ANY RESPONSIBILITY
THEREFOR.
THE REFINANCING NOTES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE
AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES
ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
IF TRADING OR ENTERING INTO HEDGE AGREEMENTS WOULD RESULT IN THE ISSUER'S
ACTIVITIES FALLING WITHIN THE DEFINITION OF A "COMMODITY POOL" UNDER THE
COMMODITY EXCHANGE ACT, THE INVESTMENT MANAGER WOULD EXPECT TO BE EXEMPT
FROM REGISTRATION WITH THE COMMODITY FUTURES TRADING COMMISSION (THE "CFTC")
AS A COMMODITY POOL OPERATOR (A "CPO") PURSUANT TO CFTC RULE 4.13(a)(3). THEREFORE,
UNLIKE A REGISTERED CPO, THE INVESTMENT MANAGER WOULD NOT BE REQUIRED TO
DELIVER A CFTC DISCLOSURE DOCUMENT TO PROSPECTIVE INVESTORS, NOR WOULD IT BE
REQUIRED TO PROVIDE INVESTORS WITH CERTIFIED ANNUAL REPORTS THAT SATISFY THE
REQUIREMENTS OF CFTC RULES APPLICABLE TO REGISTERED CPOs.

viii

TABLE OF CONTENTS
OVERVIEW ........................................................................................................................................................... 1
RISK FACTORS .................................................................................................................................................... 6
GENERAL INFORMATION ............................................................................................................................... 40
PORTFOLIO ........................................................................................................................................................ 52
USE OF PROCEEDS ........................................................................................................................................... 53
RATINGS OF THE NOTES ................................................................................................................................ 54
THE RETENTION HOLDER AND RETENTION REQUIREMENTS ............................................................. 56
CREDIT RISK RETENTION .............................................................................................................................. 59
THE ISSUER ........................................................................................................................................................ 60
DESCRIPTION OF THE INVESTMENT MANAGER ...................................................................................... 61
TAX CONSIDERATIONS .................................................................................................................................. 65
ADDITIONAL ERISA CONSIDERATIONS ..................................................................................................... 77
PLAN OF DISTRIBUTION ................................................................................................................................. 78
INDEX OF DEFINED TERMS ........................................................................................................................... 80
ANNEX A 2015 PROSPECTUS .......................................................................................................................... 82
ANNEX B MONTHLY REPORT ..................................................................................................................... 455

ix

OVERVIEW
The following Overview does not purport to be complete and is qualified in its entirety by reference to the detailed
information appearing elsewhere in this prospectus (this "Prospectus") and related documents referred to herein.
Capitalised terms not specifically defined in this Overview have the meanings set out in Condition 1 (Definitions)
under "Terms and Conditions of the Notes" in the 2015 Prospectus or are defined elsewhere in this Prospectus. It
should be read in conjunction with the section entitled "Overview" beginning on page 1 of the 2015 Prospectus.
An index of defined terms appears at the back of this Prospectus. References to a "Condition" are to the specified
Condition in the "Terms and Conditions of the Notes" in the 2015 Prospectus and references to "Conditions of
the Notes" are to the "Terms and Conditions of the Notes" in the 2015 Prospectus. For a discussion of certain
risk factors to be considered in connection with an investment in the Refinancing Notes, see "Risk Factors".
Issuer ......................................................... Adagio IV CLO Designated Activity Company (formerly known as
Adagio IV CLO Limited), a designated activity company
incorporated under the laws of Ireland.
Investment Manager .................................. AXA Investment Managers, Inc.
Trustee ....................................................... BNY Mellon Corporate Trustee Services Limited
Sole Arranger and Initial Purchaser ........... Barclays Bank PLC
Collateral Administrator and
Information Agent ..................................... The Bank of New York Mellon S.A./N.V., Dublin Branch, acting
through its office at Riverside II, Sir John Rogerson's Quay, Dublin
2, Ireland.
Custodian, Account Bank,
Calculation Agent and
Principal Paying Agent .............................. The Bank of New York Mellon, London Branch, acting though its
office at One Canada Square, London, E14 5AL.
Transfer Agent and Registrar ..................... The Bank of New York Mellon S.A./N.V., Luxembourg Branch
Refinancing Notes1
Class of
Alternative
Refinancing
Principal
Initial Stated
Stated Interest
Fitch Ratings of Moody's Ratings
Notes
Amount
Interest Rate2
Rate3
at least4
of at least4
Maturity Date
A-1
200,500,000
3 month
6 month
AAAsf
Aaa(sf)
October 2029
EURIBOR +
EURIBOR +
0,66%
0.66%
A-2
5,000,000
1.10%
1.10%
AAAsf
Aaa(sf)
October 2029
per annum
per annum
B-1
39,200,000
3 month
6 month
AAsf
Aa2(sf)
October 2029
EURIBOR +
EURIBOR +
1.15%
1.15%
B-2
7,000,000
1.80%
1.80%
AAsf
Aa2(sf)
October 2029
per annum
per annum
C
18,000,000
3 month
6 month
Asf
A2(sf)
October 2029
EURIBOR +
EURIBOR +
1.60%
1.60%
D
18,600,000
3 month
6 month
BBBsf
Baa2(sf)
October 2029
EURIBOR +
EURIBOR +
2.50%
2.50%
E
25,200,000
3 month
6 month
BBsf
Ba2(sf)
October 2029
EURIBOR +
EURIBOR +
4.90%
4.90%

1
The Initial Purchaser may offer the Refinancing Notes at prices as may be negotiated at the time of sale which may vary among different purchasers and
which may be different to the issue price of the Refinancing Notes.
2
Applicable to each three month Accrual Period.
3
Applicable to each six month Accrual Period, provided that the rate of interest of the Refinancing Notes of each Class (other than the Class A-2 Notes and
the Class B-2 Notes) for the period from, and including, the final Payment Date before the Maturity Date to, but excluding, the Maturity Date will, if such
first mentioned Payment Date falls in July 2029, be determined by reference to three month EURIBOR.
4
A security rating is not a recommendation to buy, sell or hold the Notes and may be subject to revision, suspension or withdrawal at any time by the
applicable Rating Agency. As of the date of this Prospectus, each of the Rating Agencies is established in the European Union and is registered under
Regulation (EC) No 1060/2009 (as amended) ("CRA3"). As such, each Rating Agency is included in the list of credit rating agencies published by the

1