By Cristal Cody
Tupelo, Miss., April 23 – Commerzbank AG, London Branch priced €416.3 million of notes due 2031 in a new collateralized loan obligation offering, according to market sources.
Bosphorus CLO IV DAC sold €2 million of class X secured floating-rate notes at Euribor plus 35 basis points, €246 million of class A secured floating-rate notes at Euribor plus 82 bps, €31.5 million of class B secured floating-rate notes at Euribor plus 125 bps and €10 million of 2.2% class B-2 secured fixed-rate notes.
The CLO also priced €25.7 million of class C secured deferrable floating-rate notes at Euribor plus 170 bps, €21 million of class D secured deferrable floating-rate notes at Euribor plus 260 bps, €26.9 million of class E secured deferrable floating-rate notes at Euribor plus 463 bps and €10.5 million of class F secured deferrable floating-rate notes at Euribor plus 622 bps.
The offering included €42.65 million of subordinated notes.
BNP Paribas Securities Corp. arranged the deal.
Commerzbank, London Branch is the CLO manager.
Proceeds will be used to purchase a portfolio of about €400 million of European leveraged loans and bonds.
The deal is backed primarily by broadly syndicated senior secured loans and senior secured bonds.
Commerzbank priced one new CLO and refinanced one vintage CLO in 2017.
The firm priced one new CLO in 2016 and one deal in 2015.
The London-based CLO manager is a subsidiary of global banking and financial services company Commerzbank AG.
| Issuer: | Bosphorus CLO IV DAC
|
| Amount: | €416.3 million
|
| Maturity: | 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Commerzbank AG, London Branch
|
| Pricing date: | April 18
|
| Settlement date: | May 31
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 35 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €246 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 82 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €31.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 2.2%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €26.9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 463 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 622 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €42.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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