Chicago, June 16 – Oaktree Capital Management (UK) LLP refinanced for €373.5 million the notes from the Arbour CLO II Ltd. transaction, according to a release.
The CLO, due April 17, 2034, includes €1 million of class X-R senior secured floating-rate notes at Euribor plus 30 basis points, €248 million of class A-R senior secured floating-rate notes at Euribor plus 86 bps, €27.7 million of class B-1-R senior secured floating-rate notes at Euribor plus 150 bps and €12.3 million of class B-2-R 2% senior secured fixed-rate notes.
The CLO also refinanced the €25 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 200 bps, €27 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 300 bps, €21.2 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 576 bps and €11.3 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 830 bps.
Initially, the CLO placed €5 million of 1.88% class A-1 fixed-rate notes; €204.3 million of class A-2 floating-rate notes at Euribor plus 125 bps; €22 million of 3% class B-1 fixed-rate notes; €25.7 million of class B-2 floating-rate notes at Euribor plus 200 bps; €10 million of 4% class C-1 fixed-rate notes; €12 million of class C-2 floating-rate notes at Euribor plus 315 bps; €19.8 million of class D floating-rate notes at Euribor plus 400 bps; €26.2 million of class E floating-rate notes at Euribor plus 575 bps and €10.6 million of class F floating-rate notes at Euribor plus 750 bps.
The CLO placed €39.5 million of subordinated notes in the equity tranche. Those notes will remain outstanding in the refinancing.
BNP Paribas worked as the underwriter on the refinancing.
Oaktree Capital will manage the CLO for the 4.58-years reinvestment period.
Collateral will come from senior secured obligations.
London-based Oaktree Capital Management (UK) is an affiliate of Los Angeles-based Oaktree Capital Management, LP.
| Issuer: | Oaktree Capital Management (UK) LLP
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | €373.5 million
|
| Maturity: | April 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | Oaktree Capital Management (UK) LLP
|
| Pricing date: | June 11
|
| Settlement date: | June 15
|
|
|
| Class X-R notes
|
| Amount: | €1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 86 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R notes
|
| Amount: | €27.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | €12.3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €21.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 576 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
|
| Amount: | €11.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 830 bps
|
| Rating: | Moody's: B3
|
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