By Cristal Cody
Eureka Springs, Ark., Nov. 29 – Oaktree Capital Management (UK) LLP priced €266.2 million of notes due June 14, 2027 in a refinancing of the vintage 2014 Arbour CLO Ltd. transaction, according to a market source.
The CLO sold €208.75 million of class A floating-rate notes at Euribor plus 85 basis points, €26.25 million of 1.9% class B-1 fixed-rate notes, €19.95 million of class B-2 floating-rate notes at Euribor plus 150 bps and €11.25 million of 2.8% class C-1 fixed-rate notes.
Morgan Stanley & Co. LLC arranged the refinancing.
Oaktree will continue to manage the CLO.
Oaktree has priced two euro-denominated CLOs and refinanced one European CLO in 2016.
The London-based firm is an affiliate of Los Angeles-based Oaktree Capital Management, LP.
| Issuer: | Arbour CLO Ltd.
|
| Amount: | €266.2 million refinancing
|
| Maturity: | June 14, 2027
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Oaktree Capital Management (UK) LLP
|
| Pricing date: | Nov. 21
|
|
|
| Class A notes
|
| Amount: | €208.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €26.25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.9%
|
| Expected ratings: Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €19.95 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Expected ratings: Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €11.25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.8%
|
| Expected ratings: Moody’s: A2
|
| Fitch: A+
|
© 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.
