By Cristal Cody
Tupelo, Miss., Dec. 22 – Sankaty Advisors, Ltd. priced €417.05 million of notes due Jan. 15, 2029 in the Newhaven II CLO Designated Activity Co. offering, according to a market source.
The CLO sold €241.2 million of class A senior secured floating-rate notes at Euribor plus 145 basis points at 99.75, €37.25 million of class B-1 senior secured floating-rate notes at Euribor plus 220 bps at par and €9 million of 2.64% class B-2 senior secured fixed-rate notes at par.
The CLO also priced €21.25 million of class C senior secured deferrable floating-rate notes at Euribor plus 310 bps at par; €19.75 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps at 98.11; €26.25 million of class E senior secured deferrable floating-rate notes at Euribor plus 560 bps at 96; €12.95 million of class F senior secured deferrable floating-rate notes at Euribor plus 705 bps at 91.95 and €49.4 million of subordinated notes.
Barclays Bank plc was the placement agent.
Sankaty Advisors will manage the CLO.
The deal is backed primarily by broadly syndicated senior secured corporate loans and bonds.
Sankaty’s last euro-denominated CLO offering was priced on Dec. 12, 2014.
The Boston-based alternative investment firm is a unit of Bain Capital LLC.
| Issuer: | Newhaven II CLO Designated Activity Co.
|
| Amount: | €417.05 million
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank plc
|
| Manager: | Sankaty Advisors, Ltd.
|
| Pricing date: | Dec. 10
|
| Settlement date: | Jan. 28
|
|
|
| Class A notes
|
| Amount: | €241.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Price: | 99.75
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | €37.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA expected
|
|
|
| Class B-2 notes
|
| Amount: | €9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.64%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA expected
|
|
|
| Class C notes
|
| Amount: | €21.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A expected
|
|
|
| Class D notes
|
| Amount: | €19.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Price: | 98.11
|
| Ratings: | Moody’s: Baa2
|
| Fitch: AA expected
|
|
|
| Class E notes
|
| Amount: | €26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Price: | 96.00
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB expected
|
|
|
| Class F notes
|
| Amount: | €12.95 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 705 bps
|
| Price: | 91.95
|
| Ratings: | Moody’s: B2
|
| Fitch: B- expected
|
|
|
| Equity
|
| Amount: | €49.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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