Chicago, Feb. 19 – Permira European CLO Manager LLP priced €410.1 million of notes and a loan due Feb. 15, 2035 in a new euro-denominated collateralized loan obligation offering, according to a market source.
The portfolio with Providus CLO V DAC as issuer includes €190 million of class A senior secured floating-rate notes at Euribor plus 82 basis points, a €50 million class A senior secured floating-rate loan at Euribor plus 82 bps, €31 million of class B-1 senior secured floating-rate notes at Euribor plus 132 bps and €15 million of class B-2 senior secured of 1.7% fixed-rate notes.
Also included are €28 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €26 million of class D senior secured deferrable floating-rate notes at Euribor plus 305 bps, €21.3 million of class E senior secured deferrable floating-rate notes at Euribor plus 545 bps, and €10.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 765 bps.
There are also €38 million of subordinated notes.
The CLO is collateralized primarily by senior secured obligations with most obligors based in Western Europe.
The CLO is expected to be about 80% ramped at closing.
There is a four-year reinvestment period which will be managed by Permira European.
Jefferies International Ltd. is the arranger.
The structured credit firm is based in London.
| Issuer: | Providus CLO V DAC
|
| Amount: | €410.1 million
|
| Maturity: | Feb. 15, 2035
|
| Securities: | Floating-rate, fixed-rate, loan and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | Permira European CLO Manager LLP
|
| Pricing date: | Feb. 19
|
| Settlement date: | April 13
|
|
|
| Class A notes
|
| Amount: | €190 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 82 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A loan
|
| Amount: | €50 million
|
| Loan: | Senior secured floating-rate loan
|
| Coupon: | Libor plus 82 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €31 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.7%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €21.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €10.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 765 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €38 million
|
| Securities: | Subordinated notes
|
|
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