Chicago, June 21 – AlbaCore Capital LLP sold €347.6 million of notes and loans in a collateralized loan obligation transaction issued by AlbaCore Euro CLO V DAC, according to a new issue report.
The notes will mature on April 15, 2036.
The CLO consists of €180 million of class A floating-rate notes at Euribor plus 190 basis points, €30 million of class A floating-rate loans at Euribor plus 190 bps, €27.6 million of class B-1 floating-rate notes at Euribor plus 350 bps, €10 million of class B-2 7% fixed-rate notes, €18.4 million of class C floating-rate notes at Euribor plus 450 bps, €21.9 million of class D floating-rate notes at Euribor plus 656 bps, €14.7 million of class E floating-rate notes at Euribor plus 856 bps, €12.4 million of class F floating-rate notes at Euribor plus 1,010 bps and €32.6 million of subordinated notes.
Albacore Capital LLP will manage the collateral through the end of the reinvestment period on Oct. 15, 2027.
Collateral for the notes consists of senior, mezzanine, second-lien loans and high-yield bonds.
The notes can be called starting Oct. 15, 2024.
Based in London, AlbaCore is an alternative investment manager.
| Issuer: | AlbaCore Euro CLO V DAC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | €347.6 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | AlbaCore Capital LLP
|
| Call feature: | Oct. 15, 2024
|
| Settlement date: | May 26
|
|
|
| Class A notes
|
| Amount: | €180 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | €30 million
|
| Securities: | Floating-rate loans
|
| Coupon: | Euribor plus 190 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €27.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 7%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €18.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 656 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €14.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 856 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 1,010 bps
|
| Rating: | Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €32.6 million
|
| Securities: | Subordinated notes
|
|
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