By Cristal Cody
Tupelo, Miss., May 2 – Commerzbank AG, London Branch priced €354.4 million of notes due April 26, 2027 in a new euro-denominated collateralized loan obligation offering, according to a market source.
Bosphorus CLO III DAC sold €219.4 million of class A secured floating-rate notes at Euribor plus 85 basis points; €34.7 million of class B secured floating-rate notes at Euribor plus 150 bps; €23.7 million of class C secured deferrable floating-rate notes at Euribor plus 210 bps; €17.7 million of class D secured deferrable floating-rate notes at Euribor plus 305 bps; €22.3 million of class E secured deferrable floating-rate notes at Euribor plus 550 bps; €7.3 million of class F secured deferrable floating-rate notes at Euribor plus 800 bps and €29.3 million of subordinated notes.
Stifel, Nicolaus & Co., Inc. arranged the deal.
Commerzbank AG Debt Fund Management, a fund management business of Commerzbank AG, London Branch, will manage the CLO.
The CLO has a one-year non-call period and a two-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured leveraged loans and bonds mostly issued by European borrowers.
Proceeds from the deal will be used to purchase a €346.4 million portfolio of European leveraged loans and bonds.
Commerzbank priced one new CLO in 2016 and one deal in 2015.
The London-based CLO manager is a subsidiary of global banking and financial services company Commerzbank AG.
| Issuer: | Bosphorus CLO III DAC
|
| Amount: | €354.4 million
|
| Maturity: | April 26, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Stifel, Nicolaus & Co., Inc.
|
| Manager: | Commerzbank AG Debt Fund Management
|
| Call feature: | One year
|
| Pricing date: | April 27
|
|
|
| Class A notes
|
| Amount: | €219.4 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €34.7 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | S&P: AA+
|
| Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | €23.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | S&P: A+
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Ratings: | S&P: BBB+
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €22.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €7.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 800 bps
|
| Ratings: | S&P: B-
|
| Fitch: B
|
|
|
| Equity
|
| Amount: | €29.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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