Chicago, April 26 – Chenavari Credit Partners LLP sold €307.4 million in a collateralized loan obligation issued by Toro European CLO 8 DAC, according to multiple press releases.
The notes will mature on April 16, 2035.
The CLO consists of €184.8 million of class A secured floating-rate notes at Euribor plus 105 basis points, €34.3 million of class B secured floating-rate notes at Euribor plus 270 bps, €16 million of class C secured floating-rate notes at Euribor plus 350 bps, €21.1 million of class D secured deferrable floating-rate notes at Euribor plus 480 bps, €17.8 million of class E secured deferrable floating-rate notes at Euribor plus 728 bps, €6.7 million of class F secured deferrable floating-rate notes at Euribor plus 966 bps and €26.7 million of subordinated notes.
Chenavari Credit Partners LLP will manage the collateral through the end of the 4.5-year reinvestment period.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans and bonds.
The notes can be called starting after 1.5 years.
Standard Chartered Bank and J.P. Morgan Securities plc was the placement agent.
Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 8 DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €307.4 million
|
| Maturity: | April 16, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Standard Chartered Bank and J.P. Morgan Securities plc
|
| Manager: | Chenavari Credit Partners LLP
|
| Call feature: | 1.5 years
|
| Settlement date: | April 14
|
|
|
| Class A notes
|
| Amount: | €184.8 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 105 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €34.3 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €16 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €21.1 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 480 bps
|
| Rating: | Moody's: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €17.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 728 bps
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €6.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 966 bps
|
| Rating: | Moody's: B3
|
| S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €26.7 million
|
| Securities: | Subordinated notes
|
|
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