By Cristal Cody
Tupelo, Miss., April 17 – Guggenheim Partners Europe Ltd. priced €409.79 million of notes due 2032 in the new Bilbao CLO II DAC transaction that closed on Wednesday, according to a market source.
The CLO sold €1.4 million of class X senior secured floating-rate notes at Euribor plus 43 basis points, €233 million of class A-1A senior secured floating-rate notes at Euribor plus 114 bps, €15 million of 1.48% class A-1B senior secured fixed-rate notes, €23 million of class A-2A senior secured floating-rate notes at Euribor plus 185 bps and €5 million of 2.45% class A-2B senior secured fixed-rate notes. The notes priced at par.
Bilbao CLO II also priced €27 million of class B senior secured deferrable floating-rate notes at par to yield Euribor plus 275 bps, €29.5 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 395 bps; €24.5 million of class D senior secured deferrable floating-rate notes at 96.54 and a coupon of Euribor plus 600 bps and €29.57 million of class S1 subordinated notes and €21.82 million of class S-2 subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Guggenheim will manage the CLO.
The deal is collateralized primarily by broadly syndicated senior secured loans.
Guggenheim Partners Europe is a Dublin-based subsidiary of global asset manager Guggenheim Partners, LLC.
| Issuer: | Bilbao CLO II DAC
|
| Amount: | €409.79 million
|
| Maturity: | 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Guggenheim Partners Europe Ltd.
|
| Pricing date: | March 4
|
| Settlement date: | April 17
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €1.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 43 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1A notes
|
| Amount: | €233 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 114 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.48%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €23 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.45%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €29.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 395 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Price: | 96.54
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Equity
|
| Amount: | €24.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €29.57 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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