By Cristal Cody
Tupelo, Miss., Nov. 9 – Guggenheim Partners Europe Ltd. raised €406.5 million of notes due Nov. 16, 2028 in euro-denominated CLO private placement offering, according to a market source.
Cork Street CLO Designated Activity Co. priced €127.3 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 145 basis points and €112.7 million of class A-1B senior secured step-up floating-rate notes (Aaa//AAA) at Euribor plus 135 bps, which step up to Euribor plus 195 bps after two years.
The CLO sold €15.65 million of class A-2A senior secured floating-rate notes (Aa2//AA) at Euribor plus 220 bps and €26.35 million of 2.811% class A-2B senior secured fixed-rate notes (Aa2//AA).
Cork Street CLO also priced €24 million of class B senior secured deferrable fixed-rate notes (A2//A); €21 million of class C senior secured deferrable fixed-rate notes (Baa2//BBB); €26 million of class D senior secured deferrable fixed-rate notes (Ba2//BB) and €53.5 million of subordinated notes. Final pricing details for the mezzanine notes were not available.
Citigroup Global Markets Inc. was the placement agent.
Guggenheim will manage the CLO.
The CLO is backed primarily by senior secured loans and senior secured bonds.
Guggenheim Partners Europe is a Dublin-based subsidiary of global asset manager Guggenheim Partners, LLC.
| Issuer: | Cork Street CLO Designated Activity Co.
|
| Amount: | €406.5 million
|
| Maturity: | Nov. 16, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Guggenheim Partners Europe Ltd.
|
| Pricing date: | Nov. 6
|
| Settlement date: | Dec. 21
|
| Distribution: | Private placement
|
|
|
| Class A-1A notes
|
| Amount: | €127.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €112.7 million
|
| Securities: | Senior secured step-up floating-rate notes
|
| Coupon: | Euribor plus 135 bps; steps up to Euribor plus 195 bps after two years
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €15.65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €26.35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.811%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
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| Amount: | €21 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Equity
|
| Amount: | €53.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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