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Published on 10/14/2020 in the Prospect News CLO Daily.

New Issue: CBAM CLO Management Europe prices €301.23 million notes in third euro CLO

By Cristal Cody

Tupelo, Miss., Oct. 14 – CBAM CLO Management Europe LLC priced €301.23 million of notes due Jan. 15, 2034 in the manager’s 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
Amount:€301.23 million
Maturity:Jan. 15, 2034
Securities:Fixed-rate, floating-rate and subordinated notes
Structure:Cash flow CLO
Placement agent:Citigroup Global Markets Ltd.
Manager:CBAM CLO Management Europe LLC
Call feature:May 5, 2022
Settlement date:Nov. 5
Class A notes
Amount:€186 million
Securities:Floating-rate notes
Coupon:Euribor plus 115 bps
Ratings:S&P: AAA
Kroll: AAA
Class B-1 notes
Amount:€11.85 million
Securities:Floating-rate notes
Coupon:Euribor plus 215 bps
Ratings:S&P: AA
Kroll: AA
Class B-2 notes
Amount:€15.15 million
Securities:Fixed-rate notes
Coupon:2.3%
Ratings:S&P: AA
Kroll: AA
Class C notes
Amount:€31.8 million
Securities:Floating-rate notes
Coupon:Euribor plus 270 bps
Ratings:S&P: A-
Kroll: A-
Class D notes
Amount:€13.8 million
Securities:Floating-rate notes
Coupon:Euribor plus 385 bps
Ratings:S&P: BBB-
Kroll: BBB-
Class E notes
Amount:€14.4 million
Securities:Floating-rate notes
Coupon:Euribor plus 670 bps
Ratings:S&P: BB-
Kroll: BB-
Class F notes
Amount:€6.8 million
Securities:Floating-rate notes
Coupon:Euribor plus 814 bps
Ratings:S&P: B-
Kroll: Non-rated
Equity
Amount:€21.43 million
Securities:Subordinated notes
Ratings:Non-rated

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