By Cristal Cody
Eureka Springs, Ark., Oct. 18 – Oaktree Capital Management (UK) LLP priced €413.45 million of notes due Jan. 15, 2030 in the Arbour CLO IV DAC transaction, according to a market source.
The CLO sold €30 million of 1.29% class A-1 senior secured fixed-rate notes (Aaa//AAA); €214 million of class A-2 senior secured floating-rate notes (Aaa//AAA) at Euribor plus 114 basis points; €42.2 million of class B senior secured floating-rate notes (Aa2//AA) at Euribor plus 175 bps; €25 million of class C senior secured deferrable floating-rate notes (A2//A) at Euribor plus 267 bps; €21.5 million of class D senior secured deferrable floating-rate notes (Baa2//BBB) at Euribor plus 355 bps; €26.75 million of class E senior secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 560 bps; €11 million of class F senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 815 bps and €43 million of subordinated notes.
Barclays was the placement agent.
Oaktree will manage the CLO.
The deal is collateralized mainly by senior secured loans and senior secured floating-rate notes.
Oaktree has priced two euro-denominated CLOs in 2016.
The London-based firm is an affiliate of Los Angeles-based Oaktree Capital Management, LP.
| Issuer: | Arbour CLO IV DAC
|
| Amount: | €413.5 million
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Oaktree Capital Management (UK) LLP
|
| Pricing date: | Sept. 30
|
| Settlement date: | Nov. 11
|
|
|
| Class A-1 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.29%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €214 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €42.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 267 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €26.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 815 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €43 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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