Chicago, Jan. 19 – CQS (US) LLC sold $410.1 million in a collateralized loan obligation being issued by CQS US CLO 2021-1 Ltd./CQS US CLO 2021-1 LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $252 million of class A senior secured floating-rate notes at Libor plus 122 basis points, $52 million of class B senior secured floating-rate notes at Libor plus 188 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 239 bps, $20 million of class D-1 senior secured deferrable floating-rate notes at Libor plus 355 bps, $6 million of class D-J senior secured deferrable floating-rate notes at Libor plus 498 bps, $14 million of class E senior secured deferrable floating-rate notes at Libor plus 725 bps and $42.1 million of subordinated notes.
CQS (US) LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Collateral will be made of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2024.
Jefferies LLC was the placement agent.
The CLO manager is a subsidiary of CQS, a London-based asset manager.
Issuer: | CQS US CLO 2021-1 Ltd./CQS US CLO 2021-1 LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $410.1 million
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Maturity: | Jan. 20, 2035
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Structure: | Cash flow CLO
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Placement agent: | Jefferies LLC
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Manager: | CQS (US) LLC
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Call feature: | Jan. 20, 2024
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Settlement date: | Dec. 22
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Class A notes
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Amount: | $252 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 122 bps
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Rating: | S&P: AAA
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|
Class B notes
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Amount: | $52 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 188 bps
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Rating: | 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: | Libor plus 239 bps
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Rating: | S&P: A
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Class D-1 notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 355 bps
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Rating: | S&P: BBB
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Class D-J notes
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Amount: | $6 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 498 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $14 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 725 bps
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Rating: | S&P: NR
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Subordinated notes
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Amount: | $42.1 million
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Securities: | Subordinated notes
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