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
|
| 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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