By Cristal Cody
Tupelo, Miss., Aug. 21 – Aegon USA Investment Management LLC priced $403.75 million of notes due Oct. 20, 2032 in the new Cedar Funding X CLO Ltd./Cedar Funding X CLO LLC transaction, according to a market source.
The CLO sold $258 million of class A floating-rate notes at Libor plus 134 basis points; $46 million of class B floating-rate notes at Libor plus 175 bps; $24 million of class C deferrable floating-rate notes at Libor plus 250 bps; $24 million of class D deferrable floating-rate notes at Libor plus 385 bps; $16 million of class E deferrable floating-rate notes at Libor plus 700 bps and $35.75 million of subordinated notes.
Citigroup Global Markets Inc. arranged the transaction.
Aegon will manage the CLO.
The notes have a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
Aegon has priced three new CLOs year to date.
The Cedar Rapids, Iowa-based firm is part of The Hague, Netherlands-based Aegon Group.
| Issuer: | Cedar Funding X CLO Ltd./Cedar Funding X CLO LLC
|
| Amount: | $403.75 million
|
| Maturity: | Oct. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 15
|
| Settlement date: | Sept. 20
|
|
|
| Class A notes
|
| Amount: | $258 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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