By Cristal Cody
Tupelo, Miss., July 13 – Black Diamond Capital Management, LLC priced a €397.4 million equivalent dual currency collateralized loan obligation deal, according to a market source.
Black Diamond CLO 2015-1 Designated Activity Co. sold €176.3 million of class A-1 senior secured floating-rate notes at Euribor plus 130 basis points, $67.2 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps, €24.3 million of class B-1 senior secured floating-rate notes at Euribor plus 210 bps and €30 million of 3.2% class B-2 senior secured fixed-rate notes.
The CLO also priced €22.9 million of class C senior secured deferrable floating-rate notes at Euribor plus 280 bps; €24.8 million of class D senior secured deferrable floating-rate notes at Euribor plus 370 bps; €23.6 million of class E senior secured deferrable floating-rate notes at Euribor plus 525 bps and €9.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 650 bps.
The deal included €26 million of class M-1 subordinated notes and $22.4 million of class M-2 subordinated notes.
Natixis SA arranged the transaction.
Black Diamond CLO 2015-1 Advisors, LLC is the CLO manager.
The notes are due 2029.
The offering has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by euro-denominated senior secured corporate loans.
Black Diamond is an alternative asset management firm located in Greenwich, Conn., Lake Forest, Ill., and London.
| Issuer: | Black Diamond CLO 2015-1 Designated Activity Co.
|
| Amount: | €397.4 million equivalent
|
| Maturity: | 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis SA
|
| Manager: | Black Diamond CLO 2015-1 Advisors, LLC
|
| Call feature: | 2017
|
| Pricing date: | July 10
|
| Settlement date: | Aug. 12
|
|
|
| Class A-1 notes
|
| Amount: | €176.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $67.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €24.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
|
|
| Class B-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.2%
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | €22.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | €24.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 370 bps
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | €9.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Moody’s: B2
|
| Standard & Poor’s: B
|
|
|
| Class M-1 notes
|
| Amount: | €26 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Class M-2 notes
|
| Amount: | $22.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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