Chicago, May 5 – Sculptor Europe Loan Management Ltd. conducted a €374 million refinancing of seven classes of notes from the Sculptor European CLO II DAC collateralized loan obligation transaction, according to multiple notices.
The refinancing extends the maturity date to April 17, 2034.
The portfolio now has €2 million of class X-R senior secured floating-rate notes at Euribor plus 30 basis points, €248 million of class A-R senior secured floating-rate notes at Euribor plus 85 bps, €37 million of class B-R senior secured floating-rate notes at Euribor plus 170 bps, €26 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 245 bps, €27 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 360 bps, €22 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 589 bps and €12 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 828 bps.
There is still a €48.88 million class of subordinated notes in the portfolio.
Talk had the class X-R notes coming with a 30 bps margin, the A-R notes were expected with an 85 bps margin, the B-R notes priced low to talk at Libor plus 180 bps, the C-R notes came low to talk at 260 bps, the D-R notes had talk with a margin of 370 bps, the E-R notes were talked with a 624 bps margin and the F-R notes were talked at 847 bps.
An original issue discount was talked on the E-R notes at 96.25 and the F-R notes at 93.
Sculptor Europe Loan Management will manage the collateral for the four-year and two-months reinvestment period.
Collateral most comes from senior secured loans or senior secured bonds.
The notes can be called after Oct. 15, 2022.
Barclays is the initial purchaser of the notes.
The original name of the CLO was OZLME II DAC.
The London-based firm is part of Sculptor Capital Management, Inc.
| Issuer: | Sculptor European CLO II DAC
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €374 million
|
| Maturity: | April 17, 2034
|
| Agent: | Barclays
|
| Manager: | Sculptor Europe Loan Management Ltd.
|
| Call: | Oct. 15, 2022
|
| Settlement date: | May 7
|
|
|
| Class X-R notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | Libor plus 30 bps
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | Libor plus 85 bps
|
|
|
| Class B-R notes
|
| Amount: | €37 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Moody's: Aa2
|
| Price talk: | Libor plus 180 bps
|
|
|
| Class C-R notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Rating: | Moody's: A2
|
| Price talk: | Libor plus 260 bps
|
|
|
| Class D-R notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | Moody's: Baa3
|
| Price talk: | Libor plus 370 bps
|
|
|
| Class E-R notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 589 bps
|
| Rating: | Moody's: Ba3
|
| Price talk: | Libor plus 624 bps
|
|
|
| Class F-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 828 bps
|
| Rating: | Moody's: B3
|
| Price talk: | Libor plus 847 bps
|
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