Chicago, April 1 – Cairn Loan Investments II LLP sold €409.7 million in a collateralized loan obligation being issued by Cairn CLO XV DAC, according to a new issue report and a press release.
The notes will mature on April 15, 2036.
The CLO consists of €248 million of class A senior secured floating-rate notes at Euribor plus 92 basis points, €30.5 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €10 million of class B-2 2.2% senior secured fixed-rate notes, €24.2 million of class C senior secured deferrable floating-rate notes at Euribor plus 260 bps, €29 million of class D senior secured deferrable floating-rate notes at Euribor plus 345 bps, €19.8 million of class E senior secured deferrable floating-rate notes at Euribor plus 678 bps, €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 921 bps, €26.6 million of class M-1 subordinated notes and €9.6 million class M-2 subordinated 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 mainly senior secured loans.
Jefferies International Ltd. was the placement agent.
The CLO manager is based in London.
| Issuer: | Cairn CLO XV DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €409.7 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | Cairn Loan Investments II LLP
|
| Settlement date: | March 30
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.2%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 345 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €19.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 678 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 921 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Class M-1 notes
|
| Amount: | €26.6 million
|
| Securities: | Subordinated notes
|
|
|
| Class M-2 notes
|
| Amount: | €9.6 million
|
| Securities: | Subordinated notes
|
|
|
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