Chicago, Dec. 23 – Aegon USA Investment Management LLC refinanced and extended for $457.07 million the collateralized loan obligation issued by Cedar Funding XII CLO Ltd./Cedar Funding XII CLO LLC, according to a pre-sale report.
The notes will mature on Oct. 25, 2034.
The refinanced CLO consists of $4.5 million of class X-R senior secured floating-rate notes at Libor plus 100 basis points, $279 million of class A-1-R senior secured floating-rate notes at Libor plus 113 bps, $9 million of class A-2-R senior secured floating-rate notes at Libor plus 140 bps, $54 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $27 million of class C-R senior secured deferrable floating-rate notes at Libor plus 195 bps, $26.1 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $18.45 million of class E-R senior secured deferrable floating-rate notes at Libor plus 630 bps and $39.02 million of subordinated notes.
Originally, the CLO sold $3.5 million of class X floating-rate notes at Libor plus 65 bps, $217 million of class A floating-rate notes at Libor plus 127 bps and $49 million of class B floating-rate notes at Libor plus 170 bps.
Cedar Funding XII priced $21 million of class C deferrable floating-rate notes at Libor plus 250 bps, $21 million of class D deferrable floating-rate notes at Libor plus 395 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus 600 bps and $35.05 million of subordinated notes.
Aegon USA Investment Management LLC will manage the collateral through the end of the reinvestment period on Oct. 25, 2026.
The collateral pool will be made of senior secured term loans.
The notes can be called starting Oct. 25, 2023.
J.P. Morgan Securities LLC was the placement agent.
The Cedar Rapids, Iowa-based firm is part of The Hague, Netherlands-based Aegon Group.
| Issuer: | Cedar Funding XII CLO Ltd./Cedar Funding XII CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $457.07 million
|
| Maturity: | Oct. 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | Oct. 25, 2023
|
| Settlement date: | Nov. 18
|
|
|
| Class X-R notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $279 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: NR
|
|
|
| Class B-R notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $26.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18.45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | S&P: NR
|
|
|
| Subordinated notes
|
| Amount: | $39.02 million
|
| Securities: | Subordinated notes
|
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