Chicago, Aug. 23 – Nassau Global Credit (UK) LLP sold €379 million of notes in a collateralized loan obligation being issued by Nassau Euro CLO III DAC, according to an offering document.
The notes will mature on July 15, 2037.
The CLO consists of €222 million of class A senior secured floating-rate notes at Euribor plus 195 basis points, €44 million of class B senior secured floating-rate notes at Euribor plus 325 bps, €20.4 million of class C senior secured deferrable floating-rate notes at Euribor plus 425 bps, €24.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 610 bps, €17 million of class E senior secured deferrable floating-rate notes at Euribor plus 746 bps, €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 900 bps and €39 million of subordinated notes.
Nassau Global Credit (UK) LLP will manage the collateral through the end of the reinvestment period on Jan. 15, 2028.
Collateral for the notes consists of senior obligations, mezzanine obligations and high-yield bonds.
The notes can be called starting Aug. 15, 2025.
Barclays Bank plc was the placement agent.
Based in the United Kingdom, Nassau is an asset manager. The name changed from Nassau Corporate Credit (UK) LLP.
| Issuer: | Nassau Euro CLO III DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €379 million
|
| Maturity: | July 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank plc
|
| Manager: | Nassau Global Credit (UK) LLP
|
| Call feature: | Aug. 15, 2025
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 22
|
|
|
| Class A notes
|
| Amount: | €222 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 195 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €20.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 610 bps
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 746 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 900 bps
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €39 million
|
| Securities: | Subordinated notes
|
|
|
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