Chicago, March 22 – Aegon USA Investment Management LLC sold $409.65 million in a collateralized loan obligation being issued by Cedar Funding XV CLO Ltd./Cedar Funding XV CLO LLC, according to a pre-sale report.
The notes will mature on April 20, 2035.
The CLO consists of $206 million of class A senior secured floating-rate notes at SOFR plus 132 basis points, $50 million of class A senior secured floating-rate loans at SOFR plus 132 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 180 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 215 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 315 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 650 bps and $41.65 million of subordinated notes.
Aegon USA Investment Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 29, 2024.
Jefferies LLC was the placement agent.
The Cedar Rapids, Iowa-based firm is part of The Hague-based Aegon Group.
| Issuer: | Cedar Funding XV CLO Ltd./Cedar Funding XV CLO LLC
|
| Amount: | $409.65 million
|
| Issue: | Floating-rate notes and subordinated notes
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | March 29, 2024
|
| Settlement date: | March 29
|
|
|
| Class A notes
|
| Amount: | $206 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.65 million
|
|
|
| Securities: | Subordinated notes
|
|
|
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