By Cristal Cody
Tupelo, Miss., June 26 MacKay Shields Europe Investment Management Ltd. priced 210.6 million of notes due Aug. 15, 2033 in the managers first broadly syndicated collateralized loan obligation offering this year, according to market sources on Friday.
MacKay Shields Euro CLO-2 DAC sold 1.5 million of class X floating-rate notes at Euribor plus 74 basis points, 124 million of class A floating-rate notes at Euribor plus 155 bps and 19 million of class B floating-rate notes at Euribor plus 235 bps.
The CLO also priced 15.5 million of class C floating-rate notes at Euribor plus 320 bps, 19.6 million of class D floating-rate notes at Euribor plus 469 bps, 9 million of class E floating-rate notes at Euribor plus 654 bps and 22 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a one-year non-call period and a one-year reinvestment period.
The deal is backed primarily by euro-denominated broadly syndicated leveraged loans and bonds.
MacKay Shields Europe Investment Management priced its first euro-denominated CLO in 2019.
The investment management firm and subsidiary of MacKay Shields LLC is based in Dublin.
| Issuer: | MacKay Shields Euro CLO-2 DAC
|
| Amount: | 210.6 million
|
| Maturity: | Aug. 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | MacKay Shields Europe Investment Management Ltd.
|
| Call feature: | One year
|
| Pricing date: | June 26
|
| Settlement date: | July 30
|
|
|
| Class X notes
|
| Amount: | 1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 74 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Kroll: AAA
|
|
|
| Class A notes
|
| Amount: | 124 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Kroll: AAA
|
|
|
| Class B notes
|
| Amount: | 19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
| Kroll: AA
|
|
|
| Class C notes
|
| Amount: | 15.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
| Kroll: A
|
|
|
| Class D notes
|
| Amount: | 19.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 469 bps
|
| Ratings: | S&P: BBB-
|
| Fitch: Non-rated
|
| Kroll: BBB-
|
|
|
| Class E notes
|
| Amount: | 9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 654 bps
|
| Ratings: | S&P: BB-
|
| Fitch: Non-rated
|
| Kroll: BB-
|
|
|
| Equity
|
| Amount: | 22 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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