Chicago, April 5 – BlueBay Asset Management LLP sold €407.9 million in a collateralized loan obligation being issued by BBAM European CLO III DAC, according to multiple notices.
The notes will mature on Jan. 15, 2036.
The CLO consists of €248 million of class A senior secured floating-rate notes at Euribor plus 92 basis points, €32 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps, €10 million of class B-2 2.2% senior secured fixed-rate notes, €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 230 bps, €28 million of class D senior secured deferrable floating-rate notes at Euribor plus 330 bps, €19.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 649 bps, €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 926 bps, €100,000 of class Z notes and €34.3 million of subordinated notes.
BlueBay Asset Management LLP will manage the collateral through the end of the 4.5-year reinvestment period.
Collateral for the notes consists of senior secured obligations.
Citigroup Global Markets Ltd. was the placement agent.
BlueBay Asset Management is a London-based management company.
| Issuer: | BBAM European CLO III DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €407.9 million
|
| Maturity: | Jan. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | BlueBay Asset Management LLP
|
| Settlement date: | March 25
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.2%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 649 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 926 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €100,000
|
| Securities: | Class Z notes
|
|
|
| Subordinated notes
|
| Amount: | €34.3 million
|
| Securities: | Subordinated notes
|
|
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