By Cristal Cody
Tupelo, Miss., May 8 – Aegon USA Investment Management LLC priced $479 million of notes due May 29, 2032 in the Cedar Funding XI CLO Ltd./Cedar Funding XI CLO LLC transaction, according to a market source.
The CLO sold $190 million of class A-1A floating-rate notes at Libor plus 135 basis points, $50 million of 3.74% class A-1F fixed-rate notes and $20 million of class A-2 floating-rate notes at Libor plus 170 bps.
Cedar Funding XI CLO also priced $31.5 million of class B-1 floating-rate notes at Libor plus 180 bps; $14.5 million of 4.26% class B-2 fixed-rate notes; $26 million of class C deferrable floating-rate notes at Libor plus 270 bps; $20 million of class D deferrable floating-rate notes at Libor plus 375 bps, $13.5 million of class E deferrable floating-rate notes at Libor plus 685 bps and $8 million of class F floating-rate notes at Libor plus 850 bps.
The deal included $75 million of combination notes and $30.5 million of subordinated notes.
Jefferies LLC arranged the transaction.
Aegon will manage the CLO.
The notes have a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
The Cedar Rapids, Iowa-based firm is part of The Hague, the Netherlands-based Aegon Group.
| Issuer: | Cedar Funding XI CLO Ltd./Cedar Funding XI CLO LLC
|
| Amount: | $479 million
|
| Maturity: | May 29, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | April 29
|
| Settlement date: | May 29
|
|
|
| Class A-1A notes
|
| Amount: | $190 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $50 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.74%
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: Non-rated
|
|
|
| Class B-1 notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-F notes
|
| Amount: | $14.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.26%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A-
|
|
|
| Combination notes
|
| Amount: | $75 million
|
| Securities: | Combination notes
|
| Ratings: | S&P: A-
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | $30.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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