Refinancing trend continues; Jubilee CLO to reset €345.2 million notes due 2031

By Christine Van Dusen

Atlanta, Jan. 30 – Jubilee CLO 2013-X BV announced plans to reset €345.2 million notes due April 15, 2031 on Monday amid a wave of recent refinancing in the market.

According to a report from S&P Global Ratings, the transaction is being arranged by JPMorgan and includes:

• €231.2 million class A-R shares at Euribor plus 96 basis points;

• €2 million class X notes at Euribor plus 85 bps;

• €42.4 million class B-1R notes at Euribor plus 155 bps;

• €7.3 million class B-2R notes at Euribor plus 176 bps, or 1.55%;

• €15.5 million class C-1R deferrable notes at Euribor plus 235 bps;

• €7.9 million class C-2R deferrable notes at Euribor plus 256 bps, or 2.35%;

• €20.7 million class D-R deferrable notes at Euribor plus 340 bps;

• €24.1 million class E-R deferrable notes at Euribor plus 600 bps;

• €11.6 million class F deferrable notes at Euribor plus 776 bps.

The proceeds from the issuance of the class A-R, B-1R, B-2R, C-1R, C-2R, D-R, E-R and F notes will be used to redeem the original notes issued in 2013.

The assets securing the notes will consist of a portfolio of secured senior loans, secured senior bonds, unsecured senior obligations, mezzanine obligations and high-yield bonds managed by collateral manager Alcentra Ltd. Delaware Trust Co. is the trustee.

The transaction is expected to close on March 2.

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