Chicago, Feb. 28 – Cairn Loan Investments II LLP and Cairn Capital Group Ltd. issued €408 million in a collateralized loan obligation with issuer Cairn CLO XIV DAC, according to multiple notices.
The notes will mature on Oct. 30, 2034.
The CLO consists of €244 million of class A senior secured floating-rate notes at Euribor plus 100 basis points, €29 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps, €15 million of class B-2 2% senior secured fixed-rate notes, €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €28 million of class D senior secured deferrable floating-rate notes at Euribor plus 320 bps, €20.4 million of class E senior secured deferrable floating-rate notes at Euribor plus 611 bps, €11.6 million of class F senior secured deferrable floating-rate notes at Euribor plus 864 bps, €22.5 million of class M-1 subordinated notes at Euribor plus bps and €13.5 million of class M-2 subordinated notes.
Cairn Loan Investments II LLP and Cairn Capital Group Ltd. will manage the collateral through the end of the 4.5-year reinvestment period.
Collateral for the notes stems from euro-denominated senior secured loans and bonds mainly issued by sub-investment grade borrowers.
Goldman Sachs International was the placement agent.
The CLO manager is based in London.
Issuer: | Cairn CLO XIV DAC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | €408 million
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Maturity: | Oct. 30, 2034
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Structure: | Cash flow CLO
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Placement agent: | Goldman Sachs International
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Manager: | Cairn Loan Investments II LLP, Cairn Capital Group Ltd.
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Settlement date: | Oct. 29, 2021
|
|
Class A notes
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Amount: | €244 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 100 bps
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Rating: | Moody's: Aaa
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| S&P: AAA
|
|
Class B-1 notes
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Amount: | €29 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 170 bps
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Rating: | Moody's: Aa2
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| S&P: AA
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Class B-2 notes
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Amount: | €15 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 2%
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Rating: | Moody's: Aa2
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| S&P: AA
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|
Class C notes
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Amount: | €24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 210 bps
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Rating: | Moody's: A2
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| S&P: A
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|
Class D notes
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Amount: | €28 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 320 bps
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Rating: | Moody's: Baa3
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| S&P: BBB
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|
Class E notes
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Amount: | €20.4 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 611 bps
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Rating: | Moody's: Ba3
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| S&P: BB-
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Class F notes
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Amount: | €11.6 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 864 bps
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Rating: | Moody's: B3
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| S&P: B-
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Class M-1 subordinated notes
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Amount: | €22.5 million
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Securities: | Subordinated notes
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Class M-2 subordinated notes
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Amount: | €13.5 million
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Securities: | Subordinated notes
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