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Published on 8/17/2020 in the Prospect News CLO Daily.

New Issue: Oaktree Capital Management prices €296.05 million Arbour CLO VIII notes

By Cristal Cody

Tupelo, Miss., Aug. 17 – Oaktree Capital Management (Europe) LLP priced €296.05 million of notes due July 15, 2033 in a new broadly syndicated collateralized loan obligation transaction, according to a market source.

Arbour CLO VIII Ltd. sold €2 million of class X floating-rate notes at Euribor plus 70 basis points, €174.7 million of class A floating-rate notes at Euribor plus 145 bps, €20 million of 2.55% class B-1 fixed-rate notes and €10.8 million of class B-2 floating-rate notes at Euribor plus 210 bps.

The CLO also priced €21.5 million of class C floating-rate notes at Euribor plus 290 bps; €17.8 million of class D floating-rate notes at Euribor plus 400 bps; €15.3 million of class E floating-rate notes at Euribor plus 613 bps; €250,000 of class M variable rate notes and €33.7 million of subordinated notes.

Additional pricing terms were not immediately available.

The CLO is collateralized primarily by senior secured leveraged loans and bonds.

The offering is the manager’s first new issue of the year.

Oaktree priced two new euro-denominated CLOs and refinanced one vintage European CLO in 2019.

The London-based asset manager is an affiliate of Los Angeles-based Oaktree Capital Management, LP.

Issuer:Arbour CLO VIII Ltd.
Amount:€296.05 million
Maturity:July 15, 2033
Securities:Fixed-rate, floating-rate and subordinated notes
Structure:Cash flow CLO
Manager:Oaktree Capital Management (Europe) LLP
Call feature:Two years
Settlement date:Aug. 17
Class X notes
Amount:€2 million
Securities:Floating-rate notes
Coupon:Euribor plus 70 bps
Ratings:S&P: AAA
Fitch: AAA
Class A notes
Amount:€174.7 million
Securities:Floating-rate notes
Coupon:Euribor plus 145 bps
Ratings:S&P: AAA
Fitch: AAA
Class B-1 notes
Amount:€20 million
Securities:Fixed-rate notes
Coupon:2.55%
Ratings:S&P: AA
Fitch: AA
Class B-2 notes
Amount:€10.8 million
Securities:Floating-rate notes
Coupon:Euribor plus 210 bps
Ratings:S&P: AA
Fitch: AA
Class C notes
Amount:€21.5 million
Securities:Floating-rate notes
Coupon:Euribor plus 290 bps
Ratings:S&P: A
Fitch: A
Class D notes
Amount:€17.8 million
Securities:Floating-rate notes
Coupon:Euribor plus 400 bps
Ratings:S&P: BBB
Fitch: BBB-
Class E notes
Amount:€15.3 million
Securities:Floating-rate notes
Coupon:Euribor plus 613 bps
Ratings:S&P: BB-
Fitch: BB-
Class M notes
Amount:€250,000
Securities:Variable rate notes
Ratings:Non-rated
Equity
Amount:€33.7 million
Securities:Subordinated notes
Ratings:Non-rated

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