By Cristal Cody
Tupelo, Miss., Dec. 23 – Oaktree Capital Management (UK) LLP priced €375.1 million of notes in the Arbour CLO II Ltd. transaction, according to a market source.
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.
Barclays Bank plc was the placement agent.
Oaktree Capital Management (UK) will manage the CLO.
The asset management firm was in the primary market earlier in the year with the €513.53 million Arbour CLO Ltd. deal on May 16.
London-based Oaktree Capital Management (UK) is an affiliate of Los Angeles-based Oaktree Capital Management, LP.
| Issuer: | Arbour CLO II Ltd.
|
| Amount: | €375.1 million
|
| 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: | Dec. 15
|
|
|
| Class A1 notes
|
| Amount: | €5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.88%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A2 notes
|
| Amount: | €204.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Price: | 99.5
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | €22 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2 expected
|
| Fitch: AA expected
|
|
|
| Class B-2 notes
|
| Amount: | €25.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | 98.5
|
| Ratings: | Moody’s: Aa2 expected
|
| Fitch: AA expected
|
|
|
| Class C-1 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4%
|
| Price: | Par
|
| Ratings: | Moody’s: A2 expected
|
| Fitch: A expected
|
|
|
| Class C-2 notes
|
| Amount: | €12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2 expected
|
| Fitch: A expected
|
|
|
| Class D notes
|
| Amount: | €19.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Price: | 99.1
|
| Ratings: | Moody’s: Baa2 expected
|
| Fitch: BBB expected
|
|
|
| Class E notes
|
| Amount: | €26.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Price: | 95.2
|
| Ratings: | Moody’s: Ba2 expected
|
| Fitch: BB expected
|
|
|
| Class F notes
|
| Amount: | €10.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Price: | 94
|
| Ratings: | Moody’s: B2 expected
|
| Fitch: B- expected
|
|
|
| Equity tranche
|
| Amount: | €39.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
