By Cristal Cody
Tupelo, Miss., May 31 – Credit Suisse Asset Management Ltd. priced €458 million of notes due February 2031 in a new collateralized loan obligation offering, according to a market source on Thursday.
Cadogan Square CLO XI DAC priced €265.5 million of class A-1 senior secured floating-rate notes at Euribor plus 78 basis points, €11.5 million of class A-2 senior secured floating-rate notes at Euribor plus 100 bps, €3 million of class B-1 senior secured floating-rate notes at Euribor plus 135 bps and €40 million of 2.05% class B-2 senior secured fixed-rate notes.
The CLO also sold €31 million of class C senior secured deferrable floating-rate notes at Euribor plus 175 bps; €24 million of class D senior secured deferrable floating-rate notes at Euribor plus 270 bps; €30 million of class E senior secured deferrable floating-rate notes at Euribor plus 500 bps; $12.5 million of class F senior secured deferrable floating-notes at Euribor plus 675 bps and €40.5 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by euro-denominated senior secured loans and bonds.
Credit Suisse Asset Management, a subsidiary of Zurich-based Credit Suisse AG, priced two euro-denominated CLOs in 2017.
Issuer: | Cadogan Square CLO XI DAC
|
Amount: | €458 million
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Maturity: | February 2031
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Credit Suisse Securities (Europe) Ltd.
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Manager: | Credit Suisse Asset Management Ltd.
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Call feature: | Two years
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Settlement date: | July 12
|
|
Class A-1 notes
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Amount: | €265.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 78 bps
|
Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
Class A-2 notes
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Amount: | €11.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 100 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
Class B-1 notes
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Amount: | €3 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 135 bps
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Ratings: | Moody’s: Aa2
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| Fitch: AA
|
|
Class B-2 notes
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Amount: | €40 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 2.05%
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Ratings: | Moody’s: Aa2
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| Fitch: AA
|
|
Class C notes
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Amount: | €31 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 175 bps
|
Ratings: | Moody’s: A2
|
| Fitch: A
|
|
Class D notes
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Amount: | €24 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 270 bps
|
Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
Class E notes
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Amount: | €30 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 500 bps
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Ratings: | Moody’s: Ba2
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| Fitch: BB-
|
|
Class F notes
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Amount: | €12.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 675 bps
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Ratings: | Moody’s: B2
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| Fitch: B-
|
|
Equity
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Amount: | €40.5 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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