By Cristal Cody
Eureka Springs, Ark., Nov. 30 – Credit Suisse Asset Management Ltd. priced €479.14 million of notes due Jan. 15, 2030 in a euro-denominated collateralized loan obligation offering, according to a market source.
Cadogan Square CLO VIII BV sold €248.4 million of the class A1 senior secured floating-rate notes at par to yield Euribor plus 96 basis points, €23 million of 1.01% class A2 senior secured fixed-rate notes at par, €54.8 million of class B1 senior secured floating-rate notes at par to yield Euribor plus 160 bps, €5 million of 1.83% class B2 senior secured fixed-rate notes at par and €27.83 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 240 bps.
The CLO also priced €21.02 million of class D senior secured deferrable floating-rate notes at 98 and a coupon of Euribor plus 345 bps, €32.34 of class E senior secured deferrable floating-rate notes at 94.1 and a coupon of Euribor plus 630 bps, €12.65 million of class F senior secured deferrable floating-rate notes at 91.72 and a coupon of Euribor plus 865 bps and €54.1 million of subordinated notes.
Barclays arranged the transaction.
Credit Suisse Asset Management is the CLO manager.
The CLO is non-callable until Dec. 15, 2018. The reinvestment period ends Jan. 15, 2021.
Credit Suisse Asset Management opened a warehouse collateralized by a portfolio of leveraged loans and high-yield bonds for the transaction earlier in the year.
Credit Suisse Asset Management is a subsidiary of Zurich-based Credit Suisse AG.
| Issuer: | Cadogan Square CLO VIII BV
|
| Amount: | €479.14 million
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Credit Suisse Asset Management Ltd.
|
| Call feature: | Dec. 15, 2018
|
| Pricing date: | Nov. 8
|
| Settlement date: | Dec. 29
|
|
|
| Class A1 notes
|
| Amount: | €248.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A2 notes
|
| Amount: | €23 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.01%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B1 notes
|
| Amount: | €54.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B2 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.83%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €27.83 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €21.02 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 345 bps
|
| Price: | 98
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €32.34 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 630 bps
|
| Price: | 94.1
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €12.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 865 bps
|
| Price: | 91.72
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €54.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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