By Cristal Cody
Tupelo, Miss., Dec. 17 – Brigade Capital Europe Management, LLP priced €414.4 million of euro-denominated notes due 2031 in a new collateralized loan obligation offering that closed on Monday, 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 €35 million of class B senior secured floating-rate notes at Euribor plus 180 bps.
Armada Euro CLO III 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 CLO also priced $2 million of class Z notes and €40.4 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Brigade Capital Europe will manage the CLO.
The deal is backed primarily by broadly syndicated senior secured loans and senior secured bonds.
Brigade Capital Management is a London-based investment manager.
| 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-
|
|
|
| Equity
|
| Amount: | €40.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Class Z notes
|
| Amount: | €2 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
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