By Cristal Cody
Tupelo, Miss., July 31 – AXA Investment Managers, Inc. priced €412.7 million of notes due October 2031 in a new euro-denominated collateralized loan obligation transaction, according to a market source.
Adagio VII CLO DAC sold €248 million of class A senior secured floating-rate notes at Euribor plus 92 basis points, €24.4 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps and €10.6 million of 2.15% class B-2 senior secured fixed-rate notes.
The CLO also priced €5.6 million of class C-1 deferrable mezzanine floating-rate notes at Euribor plus 230 bps; €26.4 million of class C-2 deferrable mezzanine floating-rate notes at Euribor plus 262 bps; €21.4 million of class D deferrable mezzanine floating-rate notes at Euribor plus 335 bps; €23.6 million of class E deferrable junior floating-rate notes at Euribor plus 555 bps; €12 million of class F deferrable junior floating-rate notes at Euribor plus 750 bps and €40.7 million of subordinated notes.
Goldman Sachs International was the placement agent.
AXA Investment Managers will manage the CLO.
The CLO is backed primarily by broadly syndicated senior secured obligations.
AXA Investment Managers is a subsidiary of Paris-based AXA Group.
| Issuer: | Adagio VII CLO DAC
|
| Amount: | €412.7 million
|
| Maturity: | October 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | AXA Investment Managers, Inc.
|
| Pricing date: | July 25
|
| Settlement date: | Sept. 12
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €24.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10.6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €5.6 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €26.4 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 262 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.4 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €23.6 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 555 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €40.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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