By Cristal Cody
Tupelo, Miss., Aug. 12 – Chenavari Credit Partners LLP priced €308 million of notes due Sept. 15, 2028 in the Toro European CLO 1 Ltd. transaction, according to a market source.
The CLO sold €173.5 million of class A secured floating-rate notes (Aaa//) at Euribor plus 140 basis points.
The CLO also priced €34.5 million of class B secured floating-rate notes (Aa2//); €19.25 million of class C secured deferrable floating-rate notes (A2//); €16.5 million of class D secured deferrable floating-rate notes (Baa2//); €22.25 million of class E secured deferrable floating-rate notes (Ba2//); €9 million of class F secured deferrable floating-rate notes (B2//) and €33 million of subordinated notes.
Additional pricing details were not available by press time.
Deutsche Bank AG, London Branch arranged the offering.
Chenavari Credit Partners will manage the CLO.
The notes are backed primarily by euro-denominated senior secured loans.
Chenavari Credit Partners is a subsidiary of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 1 Ltd.
|
| Amount: | €308 million
|
| Maturity: | Sept. 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Chenavari Credit Partners LLP
|
| Pricing date: | Aug. 11
|
| Settlement date: | Sept. 15
|
|
|
| Class A notes
|
| Amount: | €173.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | €34.5 million
|
| Securities: | Secured floating-rate notes
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €19.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €16.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E notes
|
| Amount: | €22.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | €33 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 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.
