By Cristal Cody
Tupelo, Miss., June 8 – Och-Ziff Europe Loan Management Ltd. priced €412.8 million of notes due July 27, 2032 in the manager’s first new euro-denominated collateralized loan obligation transaction of the year, according to a market source.
OZLME IV DAC sold €223 million of class A-1 senior secured floating-rate notes at Euribor plus 82 basis points; €25 million of 1.6% class A-2 senior secured fixed-rate notes and €37 million of class B senior secured floating-rate notes at Euribor plus 135 bps.
The CLO also priced €5.25 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 185 bps; €22.75 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 215 bps; €23 million of class D senior secured deferrable floating-rate notes at Euribor plus 270 bps; €24 million of class E senior secured deferrable floating-rate notes at Euribor plus 488 bps; €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 672 bps and €40.8 million of subordinated notes.
Citigroup Global Markets Ltd. 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 Europe was last in the primary market on Dec. 7 when it priced the €413.9 million OZLME III DAC transaction.
Och-Ziff sold two euro-denominated CLOs in 2017 following its first euro CLO offering in 2016.
The London-based firm is part of alternative asset manager Och-Ziff Capital Management Group LLC.
| Issuer: | OZLME IV DAC
|
| Amount: | €412.8 million
|
| Maturity: | July 27, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Och-Ziff Europe Loan Management Ltd.
|
| Pricing date: | June 5
|
| Settlement date: | Aug. 1
|
|
|
| Class A-1 notes
|
| Amount: | €223 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 82 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.6%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €37 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €5.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €22.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 488 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 672 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €40.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
