Ann: CLH Portfolio Enhancement Programme - 2nd Balbec Transaction, page-5

Unless I have missed something, i personally don't think they have provided enough info to assess the merits of this transaction.

Special situations debt funds normally have quite high hurdle rates of say 15-20% and are very smart people.

Would be great to understand what the expected collection profile of the portfolio looks like and the implied return on the transaction.

Hopefully they haven't sold off an exposure to their best debt for a return well below their ROA. But who would know with this disclosure.