Chicago, Oct. 26 – Aegon USA Investment Management, LLC refinanced for $429.62 million the collateralized loan obligation issued by Cedar Funding IV CLO, Ltd./Cedar Funding IV CLO, LLC, according to a supplemental indenture.
The notes will mature on July 2034.
The CLO now consists of $2.5 million of class X senior secured floating-rate notes at Libor plus 90 basis points, $65 million of class AL-RR senior secured floating-rate loans at Libor plus 116 bps, $303 million of class A-RR senior secured floating-rate notes at Libor plus 116 bps, $8 million of class B-RR senior secured floating-rate notes at Libor plus 165 bps, $7.75 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 200 bps, $2.2 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 300 bps, $31.625 million of class E-RR senior secured deferrable floating-rate notes at Libor plus 661 bps and $9.545 million of subordinated notes.
Originally, the CLO sold $224 million of class A-1 floating-rate notes (AAA) priced at Libor plus 150 basis points; $62 million of class A-F fixed-rate notes (AAA) at 3.55%; $31 million of class B-1 floating-rate notes (AA) at Libor plus 225 bps; $32 million of 4.7% class B-F fixed-rate notes (AA); $28.5 million of class C deferrable floating-rate notes (A) at Libor plus 300 bps; $23 million of class D deferrable floating-rate notes (BBB) at Libor plus 415 bps; $17 million of class E deferrable floating-rate notes (BB) at Libor plus 625 bps; and $43.35 million of non-rated subordinated notes.
Jefferies LLC arranged the offering.
Aegon USA Investment Management, LLC will manage the collateral through the end of the reinvestment period in July 2026.
The portfolio is made up of broadly syndicated senior secured corporate loans.
The notes can be called starting July 23, 2023.
Citigroup Global Markets Inc. was the placement agent.
Cedar Funding IV CLO is a managed cash flow CLO.
| Issuer: | Cedar Funding IV CLO, Ltd./Cedar Funding IV CLO, LLC
|
| Issue: | Floating-rate notes, loans and subordinated notes
|
| Amount: | $429.62 million
|
| Maturity: | July 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Aegon USA Investment Management, LLC
|
| Call feature: | July 23, 2023
|
| Settlement date: | June 25
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class AL-RR loans
|
| Amount: | $65 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 116 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-RR notes
|
| Amount: | $303 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-RR notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-RR notes
|
| Amount: | $7.75 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-RR notes
|
| Amount: | $2.2 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-RR notes
|
| Amount: | $31.625 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 661 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $9.545 million
|
| Securities: | Subordinated notes
|
|
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