By Cristal Cody
Tupelo, Miss., Oct. 25 – Rockford Tower Capital Management, LLC priced €407 million of notes due Dec. 20, 2031 in a new European broadly syndicated collateralized loan obligation transaction, according to a market source on Thursday.
Rockford Tower Europe CLO 2018-1 DAC sold €218 million of class A-1 floating-rate notes at Euribor plus 103 basis points; €30 million of class A-2 floating-rate notes at Euribor plus 120 bps; €36 million of class B floating-rate notes at Euribor plus 185 bps; €28 million of class C floating-rate notes at Euribor plus 247 bps; €24 million of class D floating-rate notes at Euribor plus 335 bps; €22.8 million of class E floating-rate notes at Euribor plus 536 bps; €9.5 million of class F floating-rate notes at Euribor plus 694 bps and €38.7 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Rockford Tower Capital will manage the CLO.
The notes are collateralized primarily by broadly syndicated first-lien senior secured loans and senior secured bonds.
Rockford Tower Capital Management is a collateral manager for Rockford Tower CLOs and a relying advisor for King Street Capital Management, LP. The CLO manager has offices in New York, London, Singapore, Tokyo and Charlottesville, Va.
| Issuer: | Rockford Tower Europe CLO 2018-1 DAC
|
| Amount: | €407 million
|
| Maturity: | Dec. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Rockford Tower Capital Management, LLC
|
| Pricing date: | Oct. 25
|
|
|
| Class A-1 notes
|
| Amount: | €218 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 103 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 247 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €22.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 536 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 694 bps
|
| Rating: | Fitch: B-
|
|
|
| Equity
|
| Amount: | €38.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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