Chicago, March 11 – Chenavari Credit Partners LLP refinanced five classes of notes for €265.6 million from a collateralized loan obligation issued by Toro European CLO 7 DAC, according to a press release.
The notes will mature on Feb. 15, 2034.
The CLO consists of €192 million of class A secured floating-rate notes, €16 million of class B-1 secured floating-rate notes, €14.95 million of class B-2 2.05% secured fixed-rate notes, €21.3 million of class C secured deferrable floating-rate notes and €21.35 million of class D secured deferrable floating-rate notes.
Chenavari Credit Partners LLP will manage the collateral through the end of the reinvestment period in February 2024.
Collateral for the notes consists of senior secured loans and senior secured bonds.
BNP Paribas was the placement agent.
Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 7 DAC
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | €265.6 million
|
| Maturity: | Feb. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | Chenavari Credit Partners LLP
|
| Settlement date: | Dec. 20, 2021
|
|
|
| Class A notes
|
| Amount: | €192 million
|
| Securities: | Secured floating-rate notes
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €16 million
|
| Securities: | Secured floating-rate notes
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €14.95 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €21.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €21.35 million
|
| Coupon: | SOFR plus bps
|
| Rating: | Moody’s: Baa3
|
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