By Cristal Cody
Tupelo, Miss., May 6 – Partners Group (UK) Management Ltd. brought a €414.1 million collateralized loan obligation offering of notes due May 30, 2028, according to a market source.
Penta CLO 2 BV sold €234 million of class A senior secured floating-rate notes at Euribor plus 130 basis points; €49 million of class B senior secured floating-rate notes at Euribor plus 200 bps; €25.25 million of class C senior secured deferrable floating-rate notes at Euribor plus 265 bps; €20 million of class D senior secured deferrable floating-rate notes at Euribor plus 335 bps; €26.75 million of class E senior secured deferrable floating-rate notes at Euribor plus 455 bps; €13 million of class F senior secured deferrable floating-rate notes at Euribor plus 548 bps and €46.1 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Partners Group will manage the CLO.
The notes have a non-callable period that ends in 2017 and a reinvestment period that ends in 2019.
The CLO is backed primarily by euro-denominated senior secured obligations.
Proceeds will be used to purchase a €400 million portfolio of mostly European leveraged loans and bonds.
The deal is the first CLO offering in the Penta series since 2007.
Partners Group is a London-based private markets investment manager.
| Issuer: | Penta CLO 2 BV
|
| Amount: | €414.1 million
|
| Maturity: | May 30, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Partners Group (UK) Management Ltd.
|
| Call feature: | 2017
|
| Pricing date: | May 6
|
| Settlement date: | June 16
|
| Distribution: | Private placement
|
|
|
| Class A notes
|
| Amount: | €234 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 265 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €26.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 455 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 548 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €46.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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