By Cristal Cody
Tupelo, Miss., March 28 – CQS Investment Management, Ltd. refinanced €287,875,000 of floating-rate notes due Oct. 20, 2026 from a vintage 2013 collateralized loan obligation transaction, according to a market source.
Grosvenor Place 2013-1 BV priced €202,125,000 of class A-1R senior secured floating-rate notes at par to yield Euribor plus 93 basis points; €46,375,000 of class A-2R senior secured floating-rate notes at par to yield Euribor plus 140 bps; €21 million of class B-R senior secured deferrable floating-rate notes at par to yield Euribor plus 210 bps and €18,375,000 of class C-R senior secured deferrable floating-rate notes at par to yield Euribor plus 280 bps.
Deutsche Bank AG, London Branch arranged the transaction.
CQS Investment Management will continue to manage the CLO.
CQS Investment Management originally priced the CLO on Oct. 31, 2013. The Grosvenor Place 2013-1 CLO sold €202.13 million of class A-1 floating-rate notes at Euribor plus 140 bps; €46.38 million of class A-2 floating-rate notes at Euribor plus 210 bps; €21 million of class B floating-rate notes at Euribor plus 300 bps and €18.38 million of class C floating-rate notes at Euribor plus 385 bps.
The class D and E notes were not refinanced.
Proceeds from the transaction will be used to redeem the original class A-1, A-2, B and C notes in April.
The deal is backed primarily by senior secured obligations.
CQS is a global management asset firm based in London.
| Issuer: | Grosvenor Place 2013-1 BV
|
| Amount: | €287,875,000 refinancing
|
| Maturity: | Oct. 20, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank AG, London Branch
|
| Manager: | CQS Investment Management, Ltd.
|
| Pricing date: | March 20
|
|
|
| Class A-1R notes
|
| Amount: | €202,125,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 93 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2R notes
|
| Amount: | €46,375,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-R notes
|
| Amount: | €18,375,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
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