Chicago, July 3 – M&G Investment Management Ltd. sold €393.6 million in a collateralized loan obligation being issued by Margay CLO I DAC, according to an offering document.
The notes will mature on July 15, 2036.
The CLO consists of €178 million of class A senior secured floating-rate notes at Euribor plus 195 basis points at par, €70 million of class A senior secured floating-rate loans at Euribor plus 195 bps at par, €40 million of class B senior secured floating-rate notes at Euribor plus 330 bps at par, €21.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 420 bps at par, €25 million of class D senior secured deferrable floating-rate notes at Euribor plus 640 bps at par, €16.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 835 bps at 94.5 and €42.6 million of subordinated notes.
M&G Investment Management Ltd. will manage the collateral through the end of the reinvestment period on Jan. 15, 2028.
Collateral for the notes consists of mezzanine, second-lien loans and high-yield bonds.
The notes can be called starting Dec. 21, 2024.
BofA Securities and NatWest Markets was the placement agent.
Based in London, M&G is a global investment manager.
| Issuer: | Margay CLO I DAC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | €393.6 million
|
| Maturity: | July 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agents: | BofA Securities and NatWest Markets
|
| Manager: | M&G Investment Management Ltd.
|
| Call feature: | Dec. 21, 2024
|
| Pricing date: | June 20
|
| Settlement date: | June 21
|
|
|
| Class A notes
|
| Amount: | €178 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 195 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | €70 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Euribor plus 195 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Price: | Par
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 420 bps
|
| Price: | Par
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 640 bps
|
| Price: | Par
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 835 bps
|
| Price: | 94.5
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | €42.6 million
|
| Securities: | Subordinated notes
|
| Price: | Par
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
