Chicago, May 21 – Cairn Loan Investments II LLP sold a new €405.6 million collateralized loan obligation coming from Cairn CLO XIII DAC as issuer, according to a notice.
The CLO matures on Oct. 20, 2033.
The portfolio has €73 million of class A senior secured floating-rate notes at Euribor plus 80 basis points, a €125 million of class A-1 senior secured floating-rate loan at Euribor plus 80 bps, a €50 million of class A-2 senior secured floating-rate loan at Euribor plus 80 bps and €38.5 million of class B senior secured floating-rate notes at Euribor plus 160 bps.
Additionally, there are €25 million of class C senior secured deferrable floating-rate notes at Euribor plus 225 bps, €29 million of class D senior secured deferrable floating-rate notes at Euribor plus 340 bps, €20.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 612 bps and €11 million of class F senior secured deferrable floating-rate notes at Euribor plus 844 bps.
There are also €20.1 million of class M-1 subordinated notes and €13.5 million of class M-2 subordinated notes.
Jefferies International Ltd. is the underwriter.
Cairn Loan Investments II will manage the collateral for the 4.5-year reinvestment period.
Collateral will come mostly from senior secured obligations.
The portfolio will be around 75% ramped at closing.
The credit asset management firm is based in London.
| Issuer: | Cairn CLO XIII DAC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | €405.6 million
|
| Maturity: | Oct. 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | Cairn Loan Investments II LLP
|
| Settlement date: | May 19
|
|
|
| Class A notes
|
| Amount: | €73 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 loan
|
| Amount: | €125 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 loan
|
| Amount: | €50 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | €38.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 612 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 844 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €13.5 million
|
| Securities: | Class M-1 subordinated notes
|
|
|
| Subordinated notes
|
| Amount: | €20.1 million
|
| Securities: | Class M-2 subordinated notes
|
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