Chicago, May 12 – NIBC Bank NV priced €459 million of notes in a new ESG CLO issued by North Westerly VII ESG CLO DAC, according to a notice.
The CLO, with a May 15, 2034 maturity date, includes the €248 million of class A senior secured floating-rate notes at Euribor plus 84 basis points, €27.5 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €12.5 million of class B-2 2% senior secured fixed-rate notes.
Lower in the stack, there are €28 million of class C senior secured deferrable floating-rate notes at Euribor plus 200 bps, €24 million of class D senior secured deferrable floating-rate notes at Euribor plus 295 bps, €20 million of class E senior secured deferrable floating-rate notes at Euribor plus 566 bps and €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 814 bps.
Additionally, there are €15 million of class M-1 notes, €35 million of class M-2 notes and €36.95 million of subordinated notes.
Deutsche Bank AG is the underwriter for the CLO which will be managed by NIBC Bank.
The notes will be collateralized by senior secured obligations with most obligors based in Western Europe.
There is a 4.4-year reinvestment period.
NIBC Bank is based in the Hague, the Netherlands.
| Issuer: | North Westerly VII ESG CLO DAC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | €459 million
|
| Maturity: | May 15, 2034
|
| Agent: | Deutsche Bank AG
|
| Manager: | NIBC Bank NV
|
| Settlement date: | June 11
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 84 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €12.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 566 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 814 bps
|
| Rating: | Moody's: B2
|
|
|
| Class M-1 notes
|
| Amount: | €15 million
|
| Securities: | Class M-1 notes
|
|
|
| Class M-2 notes
|
| Amount: | €35 million
|
| Securities: | Class M-2 notes
|
|
|
| Subordinated notes
|
| Amount: | €37 million
|
| Securities: | Subordinated notes
|
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