By Rebecca Melvin
New York, Sept. 27 – Mackay Shields Investment Management Ltd. sold €358.8 million of notes due 2032 in the Mackay Shields CLO-1 DAC transaction, according to a market source on Friday.
The CLO priced €217 million of class A senior secured floating-rate notes at Euribor plus 93 basis points; €35 million of class B senior secured floating-rate notes at Euribor plus 180 bps; €21 million of class C secured deferrable floating-rate notes at Euribor plus 260 bps; €24.5 million of class D secured deferrable floating-rate notes at Euribor plus 410 bps; €17.5 million of class E secured deferrable floating-rate notes at Euribor plus 655 bps; €9.5 million of class F secured deferrable floating-rate notes at Euribor plus 906 bps and €34.3 million of subordinated notes.
JPMorgan was the initial purchaser of the offering.
Mackay Shields Europe Investment Management Ltd. will manage the CLO.
The notes are backed primarily by euro-denominated senior secured loans and bonds.
Proceeds will be used to purchase a €350 million portfolio of mostly European leveraged loans and bonds.
Mackay Shields is a New York-based investment company. This transaction is its first CLO.
Issuer: | Mackay Shields CLO-1 DAC
|
Amount: | €358.8 million
|
Maturity: | October 2032
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | JPMorgan
|
Manager: | Mackay Shields Europe Investment Management Ltd.
|
Settlement date: | Nov. 19
|
|
Class A notes
|
Amount: | €217 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Euribor plus 93 bps
|
Rating: | Moody’s: Aaa
|
|
Class B notes
|
Amount: | €35 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Euribor plus 180 bps
|
Rating: | Moody’s: Aa2
|
|
Class C notes
|
Amount: | €21 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Euribor plus 260 bps
|
Rating: | Moody’s: A2
|
|
Class D notes
|
Amount: | €24.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Euribor plus 410 bps
|
Rating: | Moody’s: Baa3
|
|
Class E notes
|
Amount: | €17.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Euribor plus 655 bps
|
Rating: | Moody’s: Ba2
|
|
Class F notes
|
Amount: | €9.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Euribor plus 906 bps
|
Rating: | Moody’s: B2
|
|
Equity
|
Amount: | €34.3 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.