Chicago, March 8 – Cairn Loan Investments II LLP reset for €408.25 million the collateralized loan obligation issued by Cairn CLO XII DAC, according to press release.
The notes will mature on July 15, 2034.
The CLO now consists of €244 million of class A senior secured floating-rate notes at Euribor plus 99 basis points, €44 million of class B senior secured floating-rate notes at Euribor plus 180 bps, €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 230 bps, €29 million of class D senior secured deferrable floating-rate notes at Euribor plus 360 bps, €20 million of class E senior secured deferrable floating-rate notes at Euribor plus 642 bps, €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 924 bps and €35.25 million of subordinated notes.
The original CLO had €188 million of class A floating-rate notes at Euribor plus 151 basis points; €38.5 million of class B floating-rate notes at Euribor plus 230 bps; €24 million of class C floating-rate notes at Euribor plus 300 bps; €19.6 million of class D floating-rate notes at Euribor plus 410 bps; €16 million of class E floating-rate notes at Euribor plus 643 bps and €7.75 million of class F floating-rate notes at Euribor plus 755 bps.
The transaction also initially offered €35.25 million of subordinated notes issued in two tranches, including €16.75 million of class M-1 notes and €18.5 million of class M-2 notes.
Cairn Loan Investments II LLP will manage the collateral through the end of the 4.5-year reinvestment period.
Collateral for the notes consists of senior secured obligations.
Merrill Lynch International was the placement agent.
The credit asset management firm is based in London.
| Issuer: | Cairn CLO XII DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €408.25 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Cairn Loan Investments II LLP
|
| Settlement date: | Dec. 22, 2021
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 99 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 642 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 924 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €35.25 million
|
| Securities: | Subordinated notes
|
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