Chicago, Sept. 7 – Cairn Loan Investments II LLP priced €404.1 million of notes in a collateralized loan obligation being issued by Cairn CLO XVII DAC, according to a presale report.
The notes will mature on Oct. 18, 2036.
The CLO consists of €248 million of class A floating-rate notes at Euribor plus 180 basis points, €24.6 million of class B-1 floating-rate notes at Euribor plus 275 bps, €15 million of class B-2 6.87% fixed-rate notes, €23.1 million of class C floating-rate notes at Euribor plus 360 bps, €26.5 million of class D floating-rate notes at Euribor plus 530 bps, €17.2 million of class E floating-rate notes at Euribor plus 746 bps, €14.6 million of class F floating-rate notes at Euribor plus 964 bps and €35.1 million of subordinated notes.
Cairn Loan Investments II LLP will manage the collateral through the end of the 4.6-year reinvestment period.
Collateral for the notes consists of senior secured loans.
The CLO manager is based in London.
| Issuer: | Cairn CLO XVII DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €404.1 million
|
| Maturity: | Oct. 18, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | Cairn Loan Investments II LLP
|
| Pricing date: | Aug. 31
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €24.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.87%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €23.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 530 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €17.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 746 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €14.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 964 bps
|
| Rating: | Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €35.1 million
|
| Securities: | Subordinated notes
|
|
|
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