By Cristal Cody
Eureka Springs, Ark., Dec. 19 – Cairn Loan Investments LLP sold €362.57 million of notes due Feb. 15, 2030 at par in the new Cairn CLO VII BV transaction, according to a market source on Monday.
The CLO priced €203.9 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Euribor plus 99 basis points and €10 million of 1.1% class A-2 senior secured fixed-rate notes (Aaa//AAA) at the top of the capital structure.
The CLO also sold €40.8 million of class B senior secured floating-rate notes (Aa2//AA) at Euribor plus 160 bps; €19.7 million of class C senior secured deferrable floating-rate notes (A2//A) at Euribor plus 240 bps; €17.9 million of class D senior secured deferrable floating-rate notes (Baa2//BBB) at Euribor plus 342 bps; €22.4 million of class E senior secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 635 bps and €9.1 million of class F senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 865 bps.
The deal included €17.65 million of class M1 subordinated notes and €21.12 million of M2 subordinated notes as equity.
Barclays arranged the offering.
Cairn will manage the CLO.
The transaction is backed primarily by senior secured loans and senior secured bonds.
Cairn has priced two euro-denominated CLOs year to date.
In 2015, Cairn sold one CLO and refinanced one vintage CLO transaction.
The CLO manager is based in London.
| Issuer: | Cairn CLO VII BV
|
| Amount: | €362.57 million
|
| Maturity: | Feb. 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Cairn Loan Investments LLP
|
| Pricing date: | Dec. 14
|
| Settlement date: | Feb. 8
|
| Distribution: | Private placement
|
|
|
| Class A-1 notes
|
| Amount: | €203.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 99 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.1%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €40.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €19.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 342 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €22.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 635 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €9.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 865 bps
|
| Price: | Par
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €17.65 million
|
| Securities: | Class M-1 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €21.12 million
|
| Securities: | Class M-2 subordinated notes
|
| Ratings: | Non-rated
|
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