RIVERROCK SENIOR LOAN FUND I

The proposed operation consists in a EFSI participation of up to EUR 100m in RiverRock Senior Loan Fund I, a EUR 1bn target fund investing in diversified senior private debt investments in mid-Caps around Europe.

The Fund will provide debt financing to mainly mid-caps which, on a stand-alone basis, would be too small to be financed directly by the Bank. The EIB investment intends to contribute to bridge the financing gap arising from the withdrawal of traditional debt providers. It will provide customised debt financing to enterprises ready to pay a premium for tailor-made solutions that will accompany them adequately in their growth plan. An investment in the Fund would not overlap with the support provided to the market by the Bank, directly or indirectly, through one of its existing funding or guarantee programmes. The Fund will undertake investments mainly in the European Union.

The Fund will be required to develop an environmental and social policy and establish the appropriate management systems to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the Fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments comply with national law, EU environmental legislation as well as the EIB Environmental and Social Standards.

For investments located inside the EU, the Fund will be assessed by EIB as investing only in private companies not being subject to EU rules on public procurement or concessions. However, if after the appraisal the EIB were to conclude that the Fund invests in projects subject to EU public procurement legislation (Directive 2014/23/EU / 2014/24/EU or 2004/18/EC / 2014/25/EU or 2004/17/EC, where applicable), then the Bank would require the Fund Manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the Fund to be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU / 2014/24/EU or 2004/18/EC / 2014/25/EU or 2004/17/EC, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC), with the publication of tender notices in the Official Journal of the European Union, as and where required.