By Cristal Cody
Tupelo, Miss., Nov. 6 – Invesco RR Fund LP closed on a new $600.2 million broadly syndicated collateralized loan obligation deal on Tuesday, according to a market source.
Bardot CLO Ltd. sold $372 million of class A-1 senior secured floating-rate notes at Libor plus 134 basis points, $15 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps and $72 million of class B senior secured floating-rate notes at Libor plus 185 bps.
The CLO priced $27.6 million of class C deferrable mezzanine secured floating-rate notes at Libor plus 275 bps, $35.4 million of class D deferrable mezzanine secured floating-rate notes at Libor plus 380 bps, $27.6 million of class E deferrable mezzanine secured floating-rate notes at Libor plus 695 bps and $50.6 million of subordinated notes.
Barclays was the placement agent.
Invesco RR Fund will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The notes are due Oct. 22, 2032.
The CLO is backed by mostly senior secured leveraged loans.
Invesco RR Fund is an affiliate of Invesco Senior Secured Management, Inc. and subsidiary of Atlanta-based Invesco, Ltd.
Issuer: | Bardot Ltd.
|
Amount: | $600.2 million
|
Maturity: | Oct. 22, 2032
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
|
Placement agent: | Barclays
|
Manager: | Invesco RR Fund LP
|
Call feature: | Two years
|
Pricing date: | Oct. 2
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Settlement date: | Nov. 5
|
|
Class A-1 notes
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Amount: | $372 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 134 bps
|
Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
Class A-2 notes
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Amount: | $15 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 165 bps
|
Ratings: | Moody’s: Non-rated
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| Fitch: AAA
|
|
Class B notes
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Amount: | $72 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 185 bps
|
Rating: | Moody’s: Aa2
|
|
Class C notes
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Amount: | $27.6 million
|
Securities: | Deferrable mezzanine secured floating-rate notes
|
Coupon: | Libor plus 275 bps
|
Rating: | Moody’s: A2
|
|
Class D notes
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Amount: | $35.4 million
|
Securities: | Deferrable mezzanine secured floating-rate notes
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Coupon: | Libor plus 380 bps
|
Rating: | Moody’s: Baa3
|
|
Class E notes
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Amount: | $27.6 million
|
Securities: | Deferrable mezzanine secured floating-rate notes
|
Coupon: | Libor plus 695 bps
|
Rating: | Moody’s: Ba3
|
|
Equity
|
Amount: | $50.6 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
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