Chicago, March 18 – Brigade Capital Europe Management, LLP refinanced five classes of notes for €337 million from the Armada Euro CLO III DAC collateralized loan obligation transaction, according to a release.
The refinancing, still with a July 15, 2031 maturity, includes the €218 million of class A-1 senior secured floating-rate notes at Euribor plus 80 basis points (originally 101 bps), €30 million of class A-2 senior secured floating-rate notes at Euribor plus 104 bps (originally 119 bps), €35 million of class B senior secured floating-rate notes at Euribor plus 140 bps (originally 180 bps), €27 million of class C senior secured deferrable floating-rate notes at Euribor plus 190 bps (originally 250 bps) and €27 million of class D senior secured deferrable floating-rate notes at Euribor plus 290 bps (originally 360 bps).
Brigade Capital Europe Management will manage collateral through the end of the reinvestment period in January 2023.
Collateral for the notes must be in the form of senior secured loans or senior secured bonds.
Brigade Capital Management is a London-based investment manager.
| Issuer: | Armada Euro CLO III DAC
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €337 million
|
| Maturity: | July 15, 2031
|
| Manager: | Brigade Capital Europe Management, LLP
|
| Announcement date: | March 17
|
|
|
| Class A-1 notes
|
| Amount: | €218 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 104 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | €35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €27 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Rating: | Moody's: Baa3
|
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