Chicago, Feb. 28 – Cairn Loan Investments II LLP and Cairn Capital Group Ltd. issued €408 million in a collateralized loan obligation with issuer Cairn CLO XIV DAC, according to multiple notices.
The notes will mature on Oct. 30, 2034.
The CLO consists of €244 million of class A senior secured floating-rate notes at Euribor plus 100 basis points, €29 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps, €15 million of class B-2 2% senior secured fixed-rate notes, €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €28 million of class D senior secured deferrable floating-rate notes at Euribor plus 320 bps, €20.4 million of class E senior secured deferrable floating-rate notes at Euribor plus 611 bps, €11.6 million of class F senior secured deferrable floating-rate notes at Euribor plus 864 bps, €22.5 million of class M-1 subordinated notes at Euribor plus bps and €13.5 million of class M-2 subordinated notes.
Cairn Loan Investments II LLP and Cairn Capital Group Ltd. will manage the collateral through the end of the 4.5-year reinvestment period.
Collateral for the notes stems from euro-denominated senior secured loans and bonds mainly issued by sub-investment grade borrowers.
Goldman Sachs International was the placement agent.
The CLO manager is based in London.
| Issuer: | Cairn CLO XIV DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €408 million
|
| Maturity: | Oct. 30, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Cairn Loan Investments II LLP, Cairn Capital Group Ltd.
|
| Settlement date: | Oct. 29, 2021
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 100 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €29 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | Moody's: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €20.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 611 bps
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €11.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 864 bps
|
| Rating: | Moody's: B3
|
| S&P: B-
|
|
|
| Class M-1 subordinated notes
|
| Amount: | €22.5 million
|
| Securities: | Subordinated notes
|
|
|
| Class M-2 subordinated notes
|
| Amount: | €13.5 million
|
| Securities: | Subordinated notes
|
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