By Cristal Cody
Eureka Springs, Ark., June 13 – Cairn Loan Investments LLP sold €362.93 million of notes due July 30, 2029 in the Cairn CLO VI BV transaction, according to a market source.
The CLO priced €212 million of class A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 130 basis points; €42.1 million of class B senior secured floating-rate notes (Aa2//AA) at Euribor plus 205 bps; €19.6 million of class C senior secured deferrable floating-rate notes (A2//A) at Euribor plus 305 bps; €17.15 million of class D senior secured deferrable floating-rate notes (Baa2//BBB) at Euribor plus 405 bps; €24 million of class E senior secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 625 bps; €8.7 million of class F senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 835 bps and €39.38 million of subordinated notes.
Barclays arranged the offering.
Cairn will manage the CLO.
The deal is backed primarily by senior secured obligations.
Proceeds will be used to purchase a €350 million portfolio of mostly European leveraged loans and bonds.
Cairn priced one CLO and one refinanced CLO transaction in 2015.
The CLO manager is based in London.
| Issuer: | Cairn CLO VI BV
|
| Amount: | €362.93 million
|
| Maturity: | July 30, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Cairn Loan Investments LLP
|
| Pricing date: | June 9
|
| Settlement date: | June 30
|
|
|
| Class A notes
|
| Amount: | €212 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €42.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €19.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 405 bps
|
| Price: | 98.40
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Price: | 94.00
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €8.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 835 bps
|
| Price: | 89.50
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €39.38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
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