Chicago, Sept. 6 – Chenavari Credit Partners LLP sold €360.4 million of notes due Jan. 12, 2032 in the Toro European CLO 6 DAC transaction, according to a market source.
The CLO priced €2 million of class X secured floating-rate notes at a rate of Euribor plus 55 basis points; €214 million of class A secured floating-rate notes at par to yield Euribor plus 114 bps, €21 million of class B-1 secured floating-rate notes at par to yield Euribor plus 180 bps and €10 million of class B-2 2.4% secured fixed-rate notes.
Toro European CLO sold €30.4 million of class C secured deferrable floating-rate notes at par to yield Euribor plus 250 bps and €20.6 million of class D secured deferrable floating-rate notes at 99.5 at an interest rate of Euribor plus 403 bps.
The CLO also priced €19.7 million of class E secured deferrable floating-rate notes at 96.5 and a coupon of Euribor plus 649 bps; €9.1 million of class F secured deferrable floating-rate notes at 94 and a coupon of Euribor plus 849 bps and €33.6 million of subordinated notes at par.
Morgan Stanley & Co. International plc 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 part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 3 DAC
|
| Amount: | €360.4 million
|
| Maturity: | Jan. 12, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | Chenavari Credit Partners LLP
|
| Pricing date: | Sept. 5
|
| Settlement date: | Sept. 6
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 55 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €214 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 114 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €21 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Price: | Par
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 2.4%
|
| Price: | Par
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €30.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Price: | Par
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €20.6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 403 bps
|
| Price: | 99.5
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €19.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 649 bps
|
| Price: | 96.5
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.1 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 849 bps
|
| Price: | 94
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €33.6 million
|
| Securities: | Subordinated notes
|
| Price: | Par
|
| Ratings: | Non-rated
|
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