By Cristal Cody
Tupelo, Miss., May 29 – Invesco European RR LP priced €411.5 million of notes due July 15, 2032 in a new broadly syndicated collateralized loan obligation transaction on Tuesday, according to market sources.
Invesco Euro CLO II DAC sold €2 million of class X floating-rate notes at Euribor plus 55 basis points, €248 million of class A floating-rate notes at Euribor plus 114 bps, €25 million of class B-1 floating-rate notes at Euribor plus 180 bps and €15 million of 2.6% class B-2 fixed-rate notes.
The CLO priced €25 million of class C floating-rate notes at Euribor plus 235 bps, €26 million of class D floating-rate notes at Euribor plus 360 bps, €21 million of class E floating-rate notes at Euribor plus 564 bps, €10 million of class F floating-rate notes at Euribor plus 792 bps and €39.5 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
The deal is backed mostly by broadly syndicated first-lien senior secured corporate loans.
Invesco European is a New York-based fund manager and subsidiary of Invesco, Ltd.
| Issuer: | Invesco Euro CLO II DAC
|
| Amount: | €411.5 million
|
| Maturity: | July 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Invesco European RR LP
|
| Pricing date: | May 28
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 55 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 114 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.6%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 564 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 792 bps
|
| Rating: | Fitch: B-
|
|
|
| Equity
|
| Amount: | €39.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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