By Cristal Cody
Tupelo, Miss., May 28 – Oaktree Capital Management (UK) LLP priced €332.7 million of notes due Jan. 15, 2030 in a refinancing of the vintage 2016 Arbour CLO IV DAC transaction, according to a market source and notices to noteholders.
The CLO sold €30 million of 1.25% class A-1 senior secured fixed-rate notes (Aaa//AAA); €214 million of class A-2 senior secured floating-rate notes (Aaa//AAA) at Euribor plus 87 basis points; €42.2 million of class B senior secured floating-rate notes (Aa2//AA) at Euribor plus 155 bps; €25 million of class C senior secured deferrable floating-rate notes (A2//A) at Euribor plus 235 bps and €21.5 million of class D senior secured deferrable floating-rate notes (Baa2//BBB) at Euribor plus 330 bps.
BNP Paribas Securities Corp. was the refinancing placement agent.
Oaktree will continue to manage the CLO, which has a 1.5-year reinvestment period.
In the original transaction issued Nov. 11, 2016, the CLO sold €30 million of 1.29% class A-1 senior secured fixed-rate notes; €214 million of class A-2 senior secured floating-rate notes at Euribor plus 114 bps; €42.2 million of class B senior secured floating-rate notes at Euribor plus 175 bps; €25 million of class C senior secured deferrable floating-rate notes at Euribor plus 267 bps; €21.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 355 bps; €26.75 million of class E senior secured deferrable floating-rate notes at Euribor plus 560 bps; €11 million of class F senior secured deferrable floating-rate notes at Euribor plus 815 bps and €43 million of subordinated notes.
Proceeds will be used to redeem the outstanding class A-1, A-2, B, C and D notes. The class E, F and subordinated notes will remain outstanding.
The CLO is collateralized primarily by senior secured loans.
The London-based firm is an affiliate of Los Angeles-based Oaktree Capital Management, LP.
| Issuer: | Arbour CLO IV DAC
|
| Amount: | €332.7 million refinancing
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Oaktree Capital Management (UK) LLP
|
| Pricing date: | May 16
|
| Settlement date: | June 6
|
|
|
| Class A-1 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.25%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €214 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 87 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €42.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
© 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.
