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 managers 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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