Chicago, Nov. 4 – Chenavari Credit Partners LLP has refinanced €373 million in a collateralized loan obligation issued by Toro European CLO 3 DAC, according to a pre-sale report.
The second refinancing notes will mature on July 15, 2034.
The CLO consists of €1.5 million of class X senior secured floating-rate notes at Euribor plus 60 basis points, €213.5 million of class A senior secured floating-rate notes at Euribor plus 99 bps, €28 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €10 million of class B-2 2.1% senior secured fixed-rate notes, €23.5 million of class C secured deferrable floating-rate notes at Euribor plus 245 bps, €22.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 345 bps, €19 million of class E senior secured deferrable floating-rate notes at Euribor plus 630 bps, €9 million of class F senior secured deferrable floating-rate notes at Euribor plus 899 bps, €20.5 million of class M-1 subordinated notes and €25.5 million of class M-2 subordinated notes.
Chenavari Credit Partners LLP will manage the collateral through the end of the reinvestment period on Jan. 15, 2026.
The notes can be called starting Jan. 15, 2023.
Barclays was the placement agent.
At the last refinancing, the CLO priced €211.5 million of class A-R secured floating-rate notes at Euribor plus 65 bpx, €24.5 million of class B-1-R secured floating-rate notes at Euribor plus 155 bps and €12.5 million of 2% class B-3-R secured fixed-rate notes.
In the original €365.35 million transaction issued April 12, 2017, the CLO had priced €211.5 million of class A secured floating-rate notes at par to yield Euribor plus 96 bps, €24.5 million of class B-1 secured floating-rate notes at par to yield Euribor plus 165 bps, €7.5 million of class B-2 secured floating-rate notes at par to yield Euribor plus 184 bps and €12.5 million of 2.25% class B-3 secured fixed-rate notes at par.
Toro European CLO also had sold €13.75 million of class C-1 secured deferrable floating-rate notes at par to yield Euribor plus 235 bps; €4.75 million of class C-2 secured deferrable floating-rate notes at par to yield Euribor plus 254 bps; €17.5 million of class D secured deferrable floating-rate notes at 98.00 and a coupon of Euribor plus 332 bps; €23 million of class E secured deferrable floating-rate notes at 93.94 and a coupon of Euribor plus 560 bps; €9.75 million of class F secured deferrable floating-rate notes at 91.43 and a coupon of Euribor plus 765 bps and €40.6 million of subordinated notes.
Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 3 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €373 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Chenavari Credit Partners LLP
|
| Call feature: | Jan. 15, 2023
|
| Settlement date: | July 14
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 60 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
|
| Amount: | €213.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 99 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 345 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 630 bps
|
| Price: | 98.5
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 899 bps
|
| Price: | 96.5
|
| Rating: | Moody's: B3
|
| S&P: B-
|
|
|
| Class M-1 subordinated notes
|
| Amount: | €20.5 million
|
| Securities: | Subordinated notes
|
|
|
| Class M-2 subordinated notes
|
| Amount: | €20.5 million
|
| Securities: | Subordinated notes
|
| Price: | 58
|
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