By Cristal Cody
Tupelo, Miss., Dec. 13 – Och-Ziff Europe Loan Management Ltd. priced €413.9 million of notes due 2030 in a new euro-denominated collateralized loan obligation transaction, according to a market source.
OZLME III DAC sold €2 million of class X senior secured floating-rate notes at Euribor plus 38 basis points, €225 million of class A-1 senior secured floating-rate notes at Euribor plus 75 bps; €10 million of 1.15% class A-2 senior secured fixed-rate notes; €35.5 million of class B-1 senior secured floating-rate notes at Euribor plus 120 bps and €20 million of 1.95% class B-2 senior secured fixed-rate notes.
OZLME III priced €26.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 165 bps; €21 million of class D senior secured deferrable floating-rate notes at Euribor plus 255 bps; €22 million of class E senior secured deferrable floating-rate notes at Euribor plus 480 bps; €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 645 bps and €39.9 million of subordinated notes.
Merrill Lynch International Inc. was the placement agent.
Och-Ziff Europe Loan Management will manage the CLO.
The deal is collateralized primarily by broadly syndicated senior secured loans.
Och-Ziff has priced two euro CLOs year to date.
The CLO manager was in the European CLO primary market in November 2016 with its first deal, the €413 million OZLME BV transaction.
The London-based firm is part of alternative asset manager Och-Ziff Capital Management Group LLC.
| Issuer: | OZLME III DAC
|
| Amount: | €413.9 million
|
| Maturity: | 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International Inc.
|
| Manager: | Och-Ziff Europe Loan Management Ltd.
|
| Pricing date: | Dec. 7
|
| Settlement date: | Jan. 31
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 38 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | €225 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.15%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
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| Amount: | €35.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
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| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 255 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 480 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 645 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | €39.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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