By Cristal Cody
Tupelo, Miss., March 15 – Chenavari Credit Partners LLP sold €365.35 million of notes due April 15, 2031 in the Toro European CLO 3 DAC transaction, according to a market source.
The CLO priced €211.5 million of class A secured floating-rate notes at par to yield Euribor plus 96 basis points, €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 sold €13.75 million of class C-1 secured deferrable floating-rate notes at par to yield Euribor plus 235 bps and €4.75 million of class C-2 secured deferrable floating-rate notes at par to yield Euribor plus 254 bps.
The CLO also priced €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.
Barclays arranged the offering.
Chenavari Credit Partners will manage the CLO.
The notes are backed primarily by euro-denominated senior secured loans and senior secured bonds.
Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 3 DAC
|
| Amount: | €365.35 million
|
| Maturity: | April 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Chenavari Credit Partners LLP
|
| Pricing date: | March 3
|
| Settlement date: | April 13
|
|
|
| Class A notes
|
| Amount: | €211.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €24.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €7.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 184 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €12.5 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 2.25%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €13.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €4.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 254 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 332 bps
|
| Price: | 98.00
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Price: | 93.94
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €9.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 765 bps
|
| Price: | 91.43
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €40.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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