By Cristal Cody
Tupelo, Miss., June 2 - Oaktree Capital Management (UK) LLP priced an upsized €513.53 million of notes due 2028 in the Arbour CLO Ltd. offering, according to a market source.
The CLO sold €285.86 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 145 basis points at the top of the capital structure.
The CLO also priced €35.95 million of 3.1% class B-1 senior secured fixed-rate notes (Aa2//AA); €27.32 million of class B-2 senior secured floating-rate notes (Aa2//AA) at Libor plus 200 bps; €15.41 million of 3.6% class C-1 senior secured deferrable fixed-rate notes (A2//A+); €14.72 million of class C-2 senior secured deferrable floating-rate notes (A2//A+) at Libor plus 250 bps; €27.05 million of class D senior secured deferrable floating-rate notes (Baa2//BBB+) at Libor plus 315 bps; €36.53 million of class E senior secured deferrable floating-rate notes (Ba2//BB+) at Libor plus 500 bps and €16.6 million of class F senior secured deferrable floating-rate notes (B2//B-) at Libor plus 575 bps.
The CLO placed €54.09 million of subordinated notes in the equity tranche.
The deal was increased from €375 million.
Barclays Bank plc was the placement agent.
London-based Oaktree Capital Management (UK) will manage the CLO.
The CLO is primarily backed by senior secured loans or senior secured bonds.
Oaktree Capital Management (UK), an affiliate of Los Angeles-based Oaktree Capital Management, LP, plans to use the proceeds to purchase a portfolio of European leveraged loans and bonds.
| Issuer: | Arbour CLO Ltd.
|
| Amount: | €513.53 million
|
| Maturity: | 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank PLC
|
| Manager: | Oaktree Capital Management (UK) LLP
|
| Pricing date: | May 16
|
| Settlement date: | June 16
|
|
|
| Class A notes
|
| Amount: | €285.86 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €35.95 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.1%
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €27.32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €15.41 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.6%
|
| Ratings: | Moody's: A2
|
| Fitch: A+
|
|
|
| Class C-2 notes
|
| Amount: | €14.72 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody's: A2
|
| Fitch: A+
|
|
|
| Class D notes
|
| Amount: | €27.05 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Ratings: | Moody's: Baa2
|
| Fitch: BBB+
|
|
|
| Class E notes
|
| Amount: | €36.53 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB+
|
|
|
| Class F notes
|
| Amount: | €16.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Ratings: | Moody's: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €54.09 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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