By Cristal Cody
Tupelo, Miss., Oct. 31 - CQS Management, Ltd. sold €361.57 million of notes due 2026 in a European CLO transaction on Thursday, according to an informed source.
The Grosvenor Place 2013-1 priced €202.13 million of class A-1 floating-rate notes (expected Aaa//AAA) at Euribor plus 140 basis points; €46.38 million of class A-2 floating-rate notes (expected Aa2//AA) at Euribor plus 210 bps; €21 million of class B floating-rate notes (expected A2//A) at Euribor plus 300 bps; €18.38 million of class C floating-rate notes (expected Baa2//BBB) at Euribor plus 385 bps; €22.75 million of class D floating-rate notes (expected Ba2//BB) at Euribor plus 510 bps and €11.38 million of class E floating-rate notes (expected B2//B-) at Euribor plus 610 bps.
The deal also included €39.55 million of subordinated notes in the equity tranche, downsized from an expected €40.18 million offering.
Deutsche Bank AG, London Branch arranged the transaction.
The notes have a two-year non-call period and a four-year reinvestment period.
CQS Investment Management will manage the CLO, which is backed primarily by senior secured corporate loans.
The CLO was expected to be about 50% ramped when it priced and about 75% ramped when the deal closes in December.
CQS is a global management asset firm based in London.
| Issuer: | Grosvenor Place 2013-1
|
| Amount: | €361.57 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | CQS Management, Ltd.
|
| Call feature: | October 2015
|
| Pricing date: | Oct. 31
|
| Settlement date: | Dec. 5
|
|
|
| Class A-1 notes
|
| Amount: | €202.13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody's: expected Aaa
|
| Fitch: expected AAA
|
|
|
| Class A-2 notes
|
| Amount: | €46.38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody's: expected Aa2
|
| Fitch: expected AA
|
|
|
| Class B notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody's: expected A2
|
| Fitch: expected A
|
|
|
| Class C notes
|
| Amount: | €18.38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 385 bps
|
| Ratings: | Moody's: expected Baa2
|
| Fitch: expected BBB
|
|
|
| Class D notes
|
| Amount: | €22.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 510 bps
|
| Ratings: | Moody's: expected Ba2
|
| Fitch: expected BB
|
|
|
| Class E notes
|
| Amount: | €11.38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 610 bps
|
| Ratings: | Moody's: expected B2
|
| Fitch: expected B-
|
|
|
| Equity tranche
|
| Amount: | €39.55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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