By Cristal Cody
Tupelo, Miss., March 17 – Portugal bank Caixa Economica Montepio Geral priced a €1,124,300,000 collateralized loan obligation deal, according to a market source.
Sagres STC SA/Pelican SME No. 2 sold €545.9 million of class A floating-rate notes (//A+) at Euribor plus 115 basis points; €76.4 million of class B floating-rate notes (//A) at Euribor plus 160 bps; €87.3 million of class C floating-rate notes (//BBB) at Euribor plus 300 bps; €398.5 million of unrated class D notes and €16.2 million of subordinated notes.
RBS Securities Inc. was the placement agent.
The notes are due Feb. 25, 2043.
The CLO is secured by a €1,092,000,000 revolving pool of term loans and credit lines granted to Portuguese small- and medium-sized enterprises originated and served by Caixa.
Caixa Economica Montepio Geral is based in Rua Aurea, Lisboa, Portugal.
| Issuer: | Sagres STC SA/Pelican SME No. 2
|
| Amount: | €1,124,300,000
|
| Maturity: | Feb. 25, 2043
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow SME CLO
|
| Placement agent: | RBS Securities Inc.
|
| Manager: | Caixa Economica Montepio Geral
|
| Pricing date: | March 6
|
|
|
| Class A notes
|
| Amount: | €545.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Rating: | Fitch: A+
|
|
|
| Class B notes
|
| Amount: | €76.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Rating: | Fitch: A
|
|
|
| Class C notes
|
| Amount: | €87.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €398.5 million
|
| Securities: | Floating-rate notes
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | €16.2 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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