By Cristal Cody
Tupelo, Miss., Aug. 19 – Banca Popolare di Bari sold €343.15 million of notes due June 30, 2054 in the 2014 Popolare Bari SME Srl transaction, according to a market source.
Banca Popolare priced €50 million of class A-1 senior secured floating-rate notes at Euribor plus 85 basis points, €120 million of class A-2A floating-rate notes at Euribor plus 130 bps and €15.1 million of class A-2B floating-rate notes at Euribor plus 130 bps.
The 2014 Popolare Bari SME vehicle also sold €35 million of class B floating-rate notes at Euribor plus 140 bps, €99.51 million of class J-1 floating-rate notes at Euribor plus 200 bps and €23.54 million of class J-2 floating-rate notes at Euribor plus 200 bps.
J.P. Morgan Securities plc was the placement agent.
Banca Popolare di Bari was the asset seller.
The CLO is secured by secured and unsecured commercial loans granted to Italian small and medium enterprises by Banca Popolare di Bari Scpa and subsidiary Cassa di Risparmio di Orvieto SpA.
Banca Popolare di Bari is a financial services company based in Bari, Italy.
| Issuer: | 2014 Popolare Bari SME Srl
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| Amount: | €343.15 million
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| Maturity: | June 30, 2054
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| Securities: | Floating-rate notes
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| Structure: | SME CLO
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| Placement agent: | J.P. Morgan Securities plc
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| Asset seller: | Banca Popolare di Bari
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| Pricing date: | Aug. 5
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| Distribution: | Italy private placement
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| Class A-1 notes
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| Amount: | €50 million
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| Securities: | Floating-rate notes
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| Coupon: | Euribor plus 85 bps
|
| Ratings: | Fitch: AA+
|
|
|
| Class A-2A notes
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| Amount: | €120 million
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| Securities: | Floating-rate notes
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| Coupon: | Euribor plus 130 bps
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| Ratings: | Fitch: AA+
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|
|
| Class A-2B notes
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| Amount: | €15.1 million
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| Securities: | Floating-rate notes
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| Coupon: | Euribor plus 130 bps
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| Ratings: | Fitch: AA+
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|
|
| Class B notes
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| Amount: | €35 million
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| Securities: | Floating-rate notes
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| Coupon: | Euribor plus 140 bps
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| Ratings: | Fitch: A+
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|
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| Class J-1 notes
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| Amount: | €99.51 million
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| Securities: | Floating-rate notes
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| Coupon: | Euribor plus 200 bps
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| Ratings: | Non-rated
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|
| Class J-2 notes
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| Amount: | €23.54 million
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| Securities: | Floating-rate notes
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| Coupon: | Euribor plus 200 bps
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| Ratings: | Non-rated
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