Chicago, July 4 – Chenavari Credit Partners LLP refinanced for the second time the €426.1 million collateralized loan obligation issued by Toro European CLO 2 DAC, according to multiple press releases.
The notes will mature on July 25, 2034.
The CLO now consists of €1.8 million of class X secured floating-rate notes at Euribor plus 60 basis points, €244 million of class A secured floating-rate notes at Euribor plus 99 bps, €33.4 million of class B-1 secured floating-rate notes at Euribor plus 185 bps, €10 million of class B-2 2.15% secured fixed-rate notes, €26.9 million of class C secured deferrable floating-rate notes at Euribor plus 245 bps, €25.7 million of class D secured deferrable floating-rate notes at Euribor plus 355 bps, €21.7 million of class E secured deferrable floating-rate notes at Euribor plus 647 bps, €10.3 million of class F secured deferrable floating-rate notes at Euribor plus 904 bps and €52.3 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 senior secured loans or senior secured bonds.
Barclays was the placement agent.
Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 2 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €426.1 million
|
| Maturity: | July 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Chenavari Credit Partners LLP
|
| Settlement date: | Aug. 6, 2021
|
|
|
| Class X notes
|
| Amount: | €1.8 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 60 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 99 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €33.4 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €26.9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €25.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Rating: | Moody's: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €21.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 647 bps
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €10.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 904 bps
|
| Rating: | Moody's: B3
|
| S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €52.3 million
|
| Securities: | Subordinated notes
|
|
|
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