Chicago, Jan. 19 – CQS (US) LLC sold $410.1 million in a collateralized loan obligation being issued by CQS US CLO 2021-1 Ltd./CQS US CLO 2021-1 LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $252 million of class A senior secured floating-rate notes at Libor plus 122 basis points, $52 million of class B senior secured floating-rate notes at Libor plus 188 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 239 bps, $20 million of class D-1 senior secured deferrable floating-rate notes at Libor plus 355 bps, $6 million of class D-J senior secured deferrable floating-rate notes at Libor plus 498 bps, $14 million of class E senior secured deferrable floating-rate notes at Libor plus 725 bps and $42.1 million of subordinated notes.
CQS (US) LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Collateral will be made of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2024.
Jefferies LLC was the placement agent.
The CLO manager is a subsidiary of CQS, a London-based asset manager.
| Issuer: | CQS US CLO 2021-1 Ltd./CQS US CLO 2021-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $410.1 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | CQS (US) LLC
|
| Call feature: | Jan. 20, 2024
|
| Settlement date: | Dec. 22
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 188 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 239 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-J notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 498 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | S&P: NR
|
|
|
| Subordinated notes
|
| Amount: | $42.1 million
|
| Securities: | Subordinated notes
|
|
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