Chicago, April 10 – RBC Global Asset Management (UK) Ltd. sold €382.6 million in a collateralized loan obligation being issued by BBAM European CLO IV DAC, according to multiple press releases.
The notes will mature on Feb. 26, 2038.
The CLO consists of €2 million of class X senior secured floating-rate notes, €154.975 million of class A senior secured floating-rate notes, €77.525 million of class A senior secured floating-rate loans, €37.2 million of class B-1 senior secured floating-rate notes, €5.35 million of class B-2 5.5% senior secured fixed-rate notes, €20.9 million of class C senior secured deferrable floating-rate notes, €25.2 million of class D senior secured deferrable floating-rate notes, €16.85 million of class E senior secured deferrable floating-rate notes, €11.5 million of class F senior secured deferrable floating-rate notes and €31.1 million of subordinated notes.
RBC Global Asset Management (UK) Ltd. will manage the collateral through the end of the reinvestment period on Aug. 29, 2028.
Collateral for the notes consists of senior secured obligations with senior, mezzanine, second-lien loans and high-yield bonds.
The notes can be called starting Aug. 26, 2025.
Citigroup Global Markets Ltd. was the placement agent.
RBC acquired BlueBay in October 2010.
| Issuer: | BBAM European CLO IV DAC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | €382.6 million
|
| Maturity: | Feb. 26, 2038
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | RBC Global Asset Management (UK) Ltd.
|
| Call feature: | Aug. 26, 2025
|
| Pricing date: | Feb. 7
|
| Settlement date: | March 26
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €154.975 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aaa
|
|
|
| Class A loans
|
| Amount: | €77.525 million
|
| Securities: | Senior secured floating-rate loans
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €37.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €5.35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.5%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €20.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €25.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €16.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €31.1 million
|
| Securities: | Subordinated notes
|
|
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