By Cristal Cody
Tupelo, Miss., May 9 – Commerzbank AG, London Branch priced €254.4 million of notes due Oct. 15, 2025 in a repricing of a 2016 euro-denominated collateralized loan obligation offering, according to notices to noteholders on Tuesday.
Bosphorus CLO II DAC sold €163.7 million of class A secured floating-rate notes at Euribor plus 70 basis points; €30.5 million of class B secured floating-rate notes at Euribor plus 135 bps; €22.2 million of class C secured deferrable floating-rate notes at Euribor plus 190 bps; €13.9 million of class D secured deferrable floating-rate notes at Euribor plus 295 bps; €16.2 million of class E secured deferrable floating-rate notes at Euribor plus 530 bps and €8 million of class F secured deferrable floating-rate notes at Euribor plus 625 bps.
Stifel, Nicolaus & Co., Inc. arranged the deal.
Commerzbank AG, London Branch is the CLO manager.
In the original €277.7 million transaction priced on March 24, 2016, the CLO sold €163.6 million of class A floating-rate notes at Euribor plus 143 bps; €30.5 million of class B floating-rate notes at Euribor plus 215 bps; €22.2 million of class C floating-rate notes at Euribor plus 325 bps; €13.9 million of class D floating-rate notes at Euribor plus 500 bps; €16.2 million of class E floating-rate notes at Euribor plus 750 bps; €8 million of class F floating-rate notes at Euribor plus 875 bps and €23.3 million of subordinated notes.
The reinvestment period on the original CLO expired on April 15, according to Fitch Ratings.
The deal is backed primarily by broadly syndicated senior secured leveraged loans and bonds mostly issued by European borrowers.
Proceeds will be used to redeem the original notes.
Commerzbank has priced one new CLO and refinanced one vintage CLO year to date.
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 II DAC
|
| Amount: | €254.4 million refinancing
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Stifel, Nicolaus & Co., Inc.
|
| Manager: | Commerzbank AG, London Branch
|
| Announcement date: | May 9
|
| Settlement date: | May 16
|
|
|
| Class A notes
|
| Amount: | €163.6 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 70 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €30.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | S&P: AA+ expected
|
| Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | €22.2 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Ratings: | S&P: A+ expected
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €13.9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Ratings: | S&P: BBB+ expected
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €16.2 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 530 bps
|
| Ratings: | S&P: BB expected
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Ratings: | S&P: B expected
|
| Fitch: B
|
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