By Cristal Cody
Tupelo, Miss., Nov. 27 – Brigade Capital Europe Management, LLP priced €414.4 million of notes due 2031 in a new euro-denominated collateralized loan obligation offering, according to a market source.
Armada Euro CLO III DAC sold €2 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €218 million of class A-1 senior secured floating-rate notes at Euribor plus 101 bps, €30 million of class A-2 senior secured floating-rate notes at Euribor plus 119 bps and €27 million of class B senior secured floating-rate notes at Euribor plus 180 bps.
Armada Euro CLO also priced €27 million of class C senior secured deferrable floating-rate notes at Euribor plus 250 bps, €27 million of class D senior secured deferrable floating-rate notes at Euribor plus 360 bps, €23 million of class E senior secured deferrable floating-rate notes at Euribor plus 560 bps and €10 million of class F senior secured deferrable floating-rate notes at Euribor plus 743 bps.
The deal included €2 million of non-rated class Z notes and €40.4 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
The CLO is backed primarily by broadly syndicated senior secured obligations.
Brigade has priced two European CLOs year to date.
The investment manager is based in London.
| Issuer: | Armada Euro CLO III DAC
|
| Amount: | €414.4 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Brigade Capital Europe Management, LLP
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 17
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €218 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 101 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 119 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 743 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €2 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €40.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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