Chicago, June 14 – BlueBay Asset Management LLP refinanced the portfolio of notes that lists BBAM European CLO I DAC as issuer for €373 million, according to a notice.
The notes are due July 24, 2034.
The reissuing includes €246 million of class A-R senior secured floating-rate notes at Euribor plus 87 basis points, €30.8 million of class B-1-R senior secured floating-rate notes at Euribor plus 150 bps and €12 million of class B-2-R 2% senior secured fixed-rate notes.
There are also €25.8 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 200 bps, €25.4 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 300 bps, €21 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 591 bps and €12 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 855 bps.
The €31.5 million of subordinated notes will remain outstanding.
The transaction was originally issued on June 29, 2020.
The CLO originally had €140 million of class A floating-rate notes at Euribor plus 160 bps; €15 million of class B-1 floating-rate notes at Euribor plus 220 bps and €12.5 million of 2.65% class B-2 fixed-rate notes.
The CLO also priced €20 million of class C floating-rate notes at Euribor plus 280 bps; €15 million of class D floating-rate notes at Euribor plus 410 bps; €11 million of class E floating-rate notes at Euribor plus 684 bps; €5.5 million of class F floating-rate notes at Euribor plus 720 bps and €31.5 million of subordinated notes.
Most of the portfolio consists of senior obligations, second-lien loans, mezzanine obligations and high-yield bonds.
BlueBay will manage the CLO during the remaining 4.5-year reinvestment period.
BlueBay Asset Management is a London-based subsidiary of Royal Bank of Canada.
| Issuer: | BBAM European CLO I DAC
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | €373 million
|
| Maturity: | July 24, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | BlueBay Asset Management LLP
|
| Announcement date: | May 25
|
|
|
| Class A-R notes
|
| Amount: | €246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 87 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R notes
|
| Amount: | €30.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | €25.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €25.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
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| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 591 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 855 bps
|
| Rating: | Moody's: B3
|
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