Chicago, July 5 – Aegon USA Investment Management LLC sold $401.4 million in a collateralized loan obligation being issued by Cedar Funding XVII CLO Ltd./Cedar Funding XVII CLO LLC, according to a presale report.
The notes will mature on July 20, 2036.
The CLO consists of $216 million of class A floating-rate notes at SOFR plus 185 basis points, $40 million of class A floating-rate loans at SOFR plus 185 bps, $44 million of class B floating-rate notes at SOFR plus 260 bps, $26 million of class C deferrable floating-rate notes at SOFR plus 320 bps, $4 million of class D-1A deferrable floating-rate notes at SOFR plus 515 bps, $18 million of class D-1F 8.64% deferrable fixed-rate notes, $4 million of class D-J 10.16% deferrable fixed-rate notes, $12 million of class E deferrable floating-rate notes at SOFR plus 816 bps and $37.4 million of subordinated notes.
Aegon USA Investment Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 20, 2025.
Jefferies LLC was the placement agent.
The Cedar Rapids, Iowa-based firm is part of The Hague-based Aegon Group.
| Issuer: | Cedar Funding XVII CLO Ltd./Cedar Funding XVII CLO LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $401.4 million
|
| Maturity: | July 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | July 20, 2025
|
| Settlement date: | July 27
|
|
|
| Class A notes
|
| Amount: | $216 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $40 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1A notes
|
| Amount: | $4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 515 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-1F notes
|
| Amount: | $18 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 8.64%
|
| Rating: | S&P: BBB
|
|
|
| Class D-J notes
|
| Amount: | $4 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 10.16%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 816 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.4 million
|
| Securities: | Subordinated notes
|
|
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