By Cristal Cody
Tupelo, Miss., July 23 – Banif-Banco Internacional do Funchal, SA priced €812.8 million of notes due Jan. 28, 2044 in a SME CLO transaction, according to a market source.
Gamma-Sociedade de Titularizacao de Creditos, SA Atlantes SME No. 5 sold €440 million of class A asset-backed floating-rate notes (A3/A-/) at Euribor plus 160 basis points and €35.6 million of class B asset-backed floating-rate notes (B1/BBB/) at Euribor plus 200 bps.
The deal also included €164.4 million of non-rated class C asset-backed floating-rate notes and €172.8 million of non-rated class D securitization notes.
StormHarbour Securities LLP and Banif-Banco Internacional do Funchal were the joint arrangers.
Banif-Banco Internacional will manage the SME CLO.
The deal is backed by secured and unsecured current accounts and term loans that Banif-Banco Internacional originated and granted to small and midsize companies in Portugal.
Banif-Banco Internacional is a Funchal, Portugal-based bank and financial services group.
| Issuer: | Gamma-Sociedade de Titularizacao de Creditos, SA Atlantes SME No. 5
|
| Amount: | €812.8 million
|
| Maturity: | Jan. 28, 2044
|
| Securities: | Floating-rate and variable-rate notes
|
| Structure: | SME CLO
|
| Placement agents: | StormHarbour Securities LLP and Banif-Banco Internacional do Funchal, SA
|
| Manager: | Banif-Banco Internacional do Funchal, SA
|
| Pricing date: | June 25
|
|
|
| Class A notes
|
| Amount: | €440 million
|
| Securities: | Asset-backed floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
|
|
| Class B notes
|
| Amount: | €35.6 million
|
| Securities: | Asset-backed floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody’s: B1
|
| Standard & Poor’s: BBB
|
|
|
| Class C notes
|
| Amount: | €164.4 million
|
| Securities: | Asset-backed floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | €172.8 million
|
| Securities: | Securitization notes
|
| Ratings: | Non-rated
|
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