By Cristal Cody
Tupelo, Miss., Aug. 19 – CBAM CLO Management Europe, LLC issued €300.74 million of notes due July 15, 2033 in a new broadly syndicated collateralized loan obligation transaction on Wednesday, according to market sources.
Montmartre Euro CLO 2020-2 DAC sold €180 million class A floating-rate notes at Euribor plus 159 basis points, €20 million class B-1 floating-rate notes at Euribor plus 225 bps and €10 million 2.65% class B-2 fixed-rate notes.
The CLO also sold €34.5 million class C floating-rate notes at Euribor plus 290 bps, €15 million class D floating-rate notes at Euribor plus 400 bps, €11.25 class E floating-rate notes at Euribor plus 643 bps, €5.25 million class F floating-rate notes at Euribor plus 692 bps and €24.74 million in subordinated notes.
Barclays was the placement agent.
CBAM CLO Management Europe will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized primarily by senior secured leveraged loans and bonds.
CBAM CLO Management Europe is a subsidiary of New York City-based asset management firm CBAM Partners, LLC.
| Issuer: | Montmartre Euro CLO 2020-2 DAC
|
| Amount: | €300.74 million
|
| Maturity: | July 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CBAM CLO Management Europe, LLC
|
| Call feature: | July 15, 2021
|
| Settlement date: | Aug. 19
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | €180 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 159 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Kroll: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
| Kroll: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.65%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
| Kroll: AA
|
|
|
| Class C notes
|
| Amount: | €34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Ratings: | S&P: A-
|
| Kroll: A-
|
|
|
| Class D notes
|
| Amount: | €15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Ratings: | S&P: BBB-
|
| Kroll: BBB-
|
|
|
| Class E notes
|
| Amount: | €11.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 643 bps
|
| Ratings: | S&P: BB-
|
| Kroll: BB-
|
|
|
| Class F notes
|
| Amount: | €5.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 692 bps
|
| Ratings: | S&P: B-
|
| Kroll: B-
|
|
|
| Equity
|
| Amount: | €24.74 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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