By Cristal Cody
Tupelo, Miss., Aug. 7 – Och-Ziff Europe Loan Management Ltd. priced €415.25 million of notes due Oct. 15, 2030 in the firm’s second euro-denominated collateralized loan obligation transaction, according to a market source.
OZLME II DAC sold €225 million of class A-1 senior secured floating-rate notes at par to yield Euribor plus 90 basis points, €10 million of 1.2% class A-2 senior secured fixed-rate notes at par, €35.5 million of class B-1 senior secured floating-rate notes at par to yield Euribor plus 150 bps and €20 million of 2.2% class B-2 senior secured fixed-rate notes at par.
OZLME II priced €24.5 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 200 bps, €20.5 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 295 bps, €23.3 million of class E senior secured deferrable floating-rate notes at 96.55 and a coupon of Euribor plus 490 bps and €11.8 million of class F senior secured deferrable floating-rate notes at 93.20 and a coupon of Euribor plus 650 bps.
The deal included €44.65 million of subordinated notes.
Barclays was the placement agent.
Och-Ziff Europe Loan Management will manage the CLO.
The CLO is collateralized primarily by broadly syndicated senior secured loans and senior secured bonds.
Och-Ziff was previously in the European CLO primary market on Nov. 3, 2016 with its first deal, the €413 million OZLME BV transaction.
The London-based firm is part of alternative asset management Och-Ziff Capital Management Group LLC.
| Issuer: | OZLME II DAC
|
| Amount: | €415.25 million
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Barclays
|
| Manager: | Och-Ziff Europe Loan Management Ltd.
|
| Pricing date: | Aug. 3
|
| Settlement date: | Sept. 6
|
|
|
| Class A-1 notes
|
| Amount: | €225 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.2%
|
| Price: | Par
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €35.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.2%
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E notes
|
| Amount: | €23.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 490 bps
|
| Price: | 96.55
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F notes
|
| Amount: | €11.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Price: | 93.2
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | €44.65 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
|
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