By Cristal Cody
Tupelo, Miss., July 18 – BlackRock Investment Management (UK) Ltd. priced €412.1 million of notes due Sept. 15, 2031 in the new BlackRock European CLO VI DAC transaction, according to a market source.
The CLO sold €235.6 million of class A-1 senior secured floating-rate notes at Euribor plus 87 basis points, €12.4 million of 1.3% class A-2 senior secured fixed-rate notes, €25.15 million of class B-1 senior secured floating-rate notes at Euribor plus 165 bps and €11.85 million of 2.15% class B-2 senior secured fixed-rate notes.
BlackRock also priced $28.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 215 bps; €24 million of class D senior secured deferrable floating-rate notes at Euribor plus 310 bps; €22.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 544 bps; €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 727 bps and €40.1 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
BlackRock Investment Management (UK) will manage the CLO.
The deal is backed primarily by euro-denominated broadly syndicated senior secured obligations.
BlackRock Investment Management (UK) has priced two new euro-denominated CLOs and refinanced one vintage European CLO year to date.
The investment management firm is a London-based subsidiary of BlackRock, Inc.
| Issuer: | BlackRock European CLO VI DAC
|
| Amount: | €412.1 million
|
| Maturity: | Sept. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | BlackRock Investment Management (UK) Ltd.
|
| Pricing date: | July 12
|
| Settlement date: | Sept. 10
|
|
|
| Class A-1 notes
|
| Amount: | €235.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 87 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €12.4 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.3%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €25.15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €11.85 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 544 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 727 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | €40.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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