By Cristal Cody
Tupelo, Miss., Oct. 7 - NIBC Bank NV, based in the Hague, announced on Monday that it priced and closed the £620.6 million restructured Adriana Infrastructure CLO 2008-I BV deal.
The entire £477.8 million of class A1 senior floating-rate notes (Aaa//), which priced at six-month GBP Libor plus 120 basis points, have been placed with Aviva Investors, the global asset management arm of insurer Aviva plc.
The deal also included about £142.6 million of class B subordinated notes as part of the restructuring, according to a market source.
NIBC was the arranger and lead manager.
The notes are due Oct. 15, 2044 and have a weighted average life of about 10 years.
The original CLO, brought in 2008, sold £571.7 million of class A1 notes, £75.2 million of class A2 notes and £54.9 million of class B notes.
The CLO after the restructuring includes £477.8 million outstanding of class A1 senior notes, £75.2 million outstanding of class A2 notes and £142.6 million outstanding of class B subordinated notes.
The restructuring involved an increase in the credit enhancement of the class A1 notes via the subordination of the class A2 notes and the class B notes, restrictions on the portfolio replenishment and a tightening of the eligibility criteria, according to Moody's Investors Service.
NIBC Bank will manage the CLO. The static cash flow project finance CLO is backed by senior secured sterling loans that were originated by NIBC to U.K. operational public-private partnership projects.
Adriana, the CLO issuer, is a lender to 47 borrowers, according to NIBC and Aviva.
| Issuer: | Adriana Infrastructure CLO 2008-I BV
|
| Amount: | £620.6 million
|
| Maturity: | Oct. 15, 2044
|
| Weighted average life: | 10 years
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | NIBC Bank NV
|
| Manager: | NIBC Bank NV
|
| Settlement date: | Sept. 27
|
|
|
| Class A1 notes
|
| Amount: | £477.8 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | GBP Libor plus 120 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | About £142.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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