Chicago, March 25 – Cairn Capital Ltd. refinanced six classes of notes for €279.8 million from the Cairn CLO IV BV collateralized loan obligation transaction, according to a notice.
The CLO continues with an April 30, 2031 maturity date and now has €188 million of class A-R senior secured floating-rate notes at Euribor plus 60 basis points and €29.8 million of class B-R senior secured floating-rate notes at Euribor plus 135 bps.
Lower, there are €17.3 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 215 bps, €20.6 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 310 bps, €16.3 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 570 bps, and €7.8 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 842 bps.
The CLO originally had €175 million of class A-1 senior secured floating-rate notes at Euribor plus 125 bps; €5 million of 1.63% class A-2 senior secured fixed-rate notes; €20.3 million of class B-1 senior secured floating-rate notes at Euribor plus 215 bps; €15 million of 2.67% class B-2 senior secured fixed-rate notes; €16.8 million of class C senior secured deferrable floating-rate notes at Euribor plus 280 bps; €15.8 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps; €21 million of class E senior secured deferrable floating-rate notes at Euribor plus 550 bps; €8 million of class F senior secured deferrable floating-rate notes at Euribor plus 600 bps and €32.6 million of subordinated notes.
The original portfolio is being redeemed at par from the proceeds of the new notes.
Collateral for the notes comes from senior secured or senior secured bonds, for the most part.
Cairn Loan Investments LLP will continue to manage the CLO. The reinvestment period ends on April 30.
Cairn is a London-based credit asset management firm.
| Issuer: | Cairn CLO IV BV
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €279.8 million
|
| Maturity: | April 30, 2031
|
| Manager: | Cairn Loan Investments LLP
|
| Announcement date: | March 25
|
| Settlement date: | March 25
|
|
|
| Class A-R notes
|
| Amount: | €188 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 60 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | €29.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €17.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Rating: | Moody's: A2
|
| Fitch: A+
|
|
|
| Class D-R notes
|
| Amount: | €20.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €16.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 570 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €7.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 842 bps
|
| Rating: | Moody's: B2
|
| Fitch: B-
|
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