|
On December 31, 2020, the authorization for the PMCCF to purchase eligible assets expired as scheduled and the PMCCF closed. On December 17, 2021, the special purpose vehicle established to purchase eligible assets was terminated. The materials and information on the web pages associated with this facility will remain available.
|
The PMCCF was open to companies that met the eligibility criteria specified in the PMCCF term sheet (including the issuer ratings criterion).
The Federal Reserve Bank of New York agreed to finance a special purpose vehicle (SPV) called Corporate Credit Facilities LLC (CCF LLC). The role of the SPV was to (i) purchase qualifying bonds as the sole investor in a bond issuance and (ii) purchase portions (up to 25%) of a syndicated loan or bond at issuance. The U.S. Department of the Treasury made an equity investment in the SPV. The PMCCF was established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.
On December 31, 2020, the authorization for the PMCCF to purchase eligible assets expired as scheduled and the PMCCF closed. As of that date, CCF LLC owned no PMCCF eligible assets.
On November 19 and December 14, 2021, CCF LLC distributed its cash in installments to the Treasury and the New York Fed. In accordance with the CCF LLC’s limited liability agreement, 90% of the distributions was sent to the Treasury and 10% to the New York Fed. The CCF LLC returned the Treasury’s full equity investment in installments in January 2021 and September 2021.
On December 17, 2021, the CCF LLC was terminated.
- Program Terms and Conditions
- Frequently Asked Questions
- Issuer Certification Forms and Other Documents
On March 24, 2020, the New York Fed retained BlackRock Financial Markets Advisory as a third-party vendor to serve as the investment manager for this facility. BlackRock was selected for this role after considering its expertise with purchasing large amounts of all relevant types of corporate debt issuance and corporate bonds in the secondary market, deep knowledge and substantial experience in the corporate debt markets, and robust operational and technological capabilities. On January 6, 2021, the New York Fed notified BlackRock that it was terminating this relationship, effective February 5, 2021.
On April 15, 2020, the New York Fed retained State Street Bank & Trust Company (State Street) as a third-party vendor to serve as the custodian and administrator for this facility. State Street was selected for this role after evaluating its response to a request for proposals, which considered implementation and operational capabilities, as well as overall qualifications needed to support the facility. The New York Fed terminated the relationships with State Street, effective December 16, 2021.
Quarterly reports on the costs associated with the vendors supporting this facility are available in Vendor Information.
- Administration Agreement
(Updated December 17, 2021) - Control Agreement
(Updated December 17, 2021) - Credit Agreement
(Updated December 17, 2021) - Custodian Agreement
(Updated December 17, 2021) - Investment Management Agreement
(Updated January 8, 2021) - Investment Memorandum of Understanding
(Updated December 17, 2021) - Law Firm Panel Agreement for Sole Investor Transactions
- Legal Services Engagement Letter
- Limited Liability Company Agreement
(Updated December 17, 2021) - Preferred Equity Account Agreement
(Updated December 17, 2021) - Preferred Equity Investments Agreement
- Security Agreement
(Updated September 24, 2021) - State Street Fee Letter
