By Cristal Cody
Tupelo, Miss., Oct. 14 CBAM CLO Management Europe LLC priced 301.23 million of notes due Jan. 15, 2034 in the managers third euro-denominated broadly syndicated collateralized loan obligation deal of the year, according to market sources.
Bastille Euro CLO 2020-3 DAC sold 186 million of class A floating-rate notes at Euribor plus 115 basis points, 11.85 million of class B-1 floating-rate notes at Euribor plus 215 bps and 15.15 million of 2.3% class B-2 fixed-rate notes.
The CLO sold 31.8 million of class C floating-rate notes at Euribor plus 270 bps, 13.8 million of class D floating-rate notes at Euribor plus 385 bps, 14.4 million of class E floating-rate notes at Euribor plus 670 bps, 6.8 million of class F floating-rate notes at Euribor plus 814 bps and 21.43 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
The CLO has a non-call period that ends May 5, 2022 and a reinvestment period that ends Aug. 5, 2024.
The deal is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.
CBAM CLO Management Europe is a subsidiary of New York City-based asset management firm CBAM Partners, LLC.
Issuer: | Bastille Euro CLO 2020-3 DAC
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Amount: | 301.23 million
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Maturity: | Jan. 15, 2034
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Ltd.
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Manager: | CBAM CLO Management Europe LLC
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Call feature: | May 5, 2022
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Settlement date: | Nov. 5
|
|
Class A notes
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Amount: | 186 million
|
Securities: | Floating-rate notes
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Coupon: | Euribor plus 115 bps
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Ratings: | S&P: AAA
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Kroll: AAA
|
|
Class B-1 notes
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Amount: | 11.85 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 215 bps
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Ratings: | S&P: AA
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Kroll: AA
|
|
Class B-2 notes
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Amount: | 15.15 million
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Securities: | Fixed-rate notes
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Coupon: | 2.3%
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Ratings: | S&P: AA
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Kroll: AA
|
|
Class C notes
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Amount: | 31.8 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 270 bps
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Ratings: | S&P: A-
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Kroll: A-
|
|
Class D notes
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Amount: | 13.8 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 385 bps
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Ratings: | S&P: BBB-
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Kroll: BBB-
|
|
Class E notes
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Amount: | 14.4 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 670 bps
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Ratings: | S&P: BB-
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Kroll: BB-
|
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Class F notes
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Amount: | 6.8 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 814 bps
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Ratings: | S&P: B-
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Kroll: Non-rated
|
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Equity
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Amount: | 21.43 million
|
Securities: | Subordinated notes
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Ratings: | Non-rated
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