By Cristal Cody
Tupelo, Miss., June 11 – Alcentra Ltd. priced €411.7 million of notes due July 2031 in the new Jubilee CLO 2018-XX BV transaction, according to a market source on Monday.
The CLO sold €2 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €236 million of class A senior secured floating-rate notes at Euribor plus 83 bps, €16.2 million of class B-1 senior secured floating-rate notes at Euribor plus 135 bps, €10 million of 2.1% class B-2 senior secured fixed-rate notes and €25 million of class B-3 senior secured floating-rate notes at Euribor plus 165 bps. The class B-3 notes will reset to Libor plus 135 bps after the two-year non-call period.
Jubilee CLO 2018-XX also priced €12.8 million of class C-1 deferrable mezzanine floating-rate notes at Euribor plus 180 bps and €15 million of class C-2 deferrable mezzanine floating-rate notes at Euribor plus 210 bps, which will reset to Euribor plus 180 bps after the non-call period.
The CLO placed €20 million of class D deferrable mezzanine floating-rate notes at Euribor plus 275 bps; €26.3 million of class E deferrable junior floating-rate notes at Euribor plus 461 bps; €10.8 million of class F deferrable junior floating-rate notes at Euribor plus 640 bps and €37.6 million of subordinated notes.
BNP Paribas, London Branch arranged the deal.
Alcentra will manage the CLO.
The CLO has a four-year reinvestment period and is backed primarily by senior secured loans and bonds.
Alcentra is a London-based global asset management firm and indirect subsidiary of BNY Alcentra Group Holding, Inc.
| Issuer: | Jubilee CLO 2018-XX BV
|
| Amount: | €411.7 million
|
| Maturity: | July 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas, London Branch
|
| Manager: | Alcentra Ltd.
|
| Call feature: | July 2020
|
| Settlement date: | July 19
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €236 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 83 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €16.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps; resets to Euribor plus 135 bps after non-call period
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €12.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €15 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 210 bps; resets to Euribor plus 180 bps after non-call period
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €26.3 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 461 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.8 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 640 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €37.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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