Chicago, March 11 – Aegon USA Investment Management LLC priced $407.3 million of notes in a collateralized loan obligation being issued by Cedar Funding XVIII CLO Ltd./Cedar Funding XVIII CLO LLC, according to a presale report.
The notes will mature on April 23, 2037.
The CLO consists of $4 million of class X senior secured floating-rate notes at SOFR plus 130 basis points, $256 million of class A senior secured floating-rate notes at SOFR plus 155 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 205 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 255 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 390 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 665 bps, $1 million of class F senior secured deferrable floating-rate notes at SOFR plus 800 bps and $35.3 million of subordinated notes.
Aegon USA Investment Management LLC will manage the collateral through the end of the reinvestment period on April 23, 2029.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting April 23, 2026.
Jefferies LLC was the placement agent.
The Cedar Rapids, Iowa-based firm is part of The Hague-based Aegon Group.
| Issuer: | Cedar Funding XVIII CLO Ltd./Cedar Funding XVIII CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $407.3 million
|
| Maturity: | April 23, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | April 23, 2026
|
| Pricing date: | March 5
|
| Settlement date: | March 28
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 130 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 665 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $35.3 million
|
| Securities: | Subordinated notes
|
|
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