By Cristal Cody
Tupelo, Miss., Oct. 9 – Alcentra Ltd. priced €566.7 million of notes in a European collateralized loan obligation deal, which was upsized from an initial €414 million estimated offering, according to a market source.
Jubilee CLO 2014-XIV BV priced €319.5 million of class A-1 senior secured floating-rate notes at Euribor plus 127 basis points, €5 million of 1.85% class A-2 senior secured fixed-rate notes, €51.2 million of class B-1 senior secured floating-rate notes at Euribor plus 200 bps and €12.8 million of 2.76% class B-2 senior secured fixed-rate notes.
The CLO also priced €34.4 million of class C deferrable floating-rate notes at Euribor plus 260 bps; €28.4 million of class D deferrable floating-rate notes at Euribor plus 350 bps; €38.5 million of class E deferrable floating-rate notes at Euribor plus 500 bps; €18.9 million of class F deferrable floating-rate notes at Euribor plus 600 bps and €58 million of subordinated notes.
Morgan Stanley & Co. International plc was the placement agent.
The notes are due Jan. 15, 2028.
The portfolio is backed primarily by senior secured corporate loans and senior secured floating-rate notes.
The transaction is Alcentra’s third European CLO offering in 2014. Alcentra previously priced the €413.5 million Jubilee CLO 2014-XI BV deal on Jan. 24, 2014 and the €513.1 million Jubilee CLO 2014-XII BV transaction on April 17.
The London-based global asset management firm is an indirect subsidiary of BNY Alcentra Group Holding, Inc.
| Issuer: | Jubilee CLO 2014-XIV BV
|
| Amount: | €566.7 million
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | Alcentra Ltd.
|
| Pricing date: | Sept. 23
|
| Settlement date: | Oct. 21
|
|
|
| Class A-1 notes
|
| Amount: | €319.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 127 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.85%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €51.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €12.8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.76%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | €34.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €28.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E notes
|
| Amount: | €38.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F notes
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| Amount: | €18.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | €58 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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