By Cristal Cody
Tupelo, Miss., June 28 – Permira Debt Managers Group Holdings Ltd. priced €382.2 million of notes due July 20, 2032 in its new euro-denominated collateralized loan obligation offering, according to additional details from a market source.
Providus CLO III DAC sold €232.5 million of class A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 113 basis points, €17.25 million of class B-1 senior secured floating-rate notes (Aa2//AA/) at Euribor plus 190 bps and €16.5 million of 2.4% class B-2 senior secured fixed-rate notes (Aa2//AA).
The CLO priced $26.75 million of class C senior secured deferrable floating-rate notes (A2//A) at Euribor plus 270 bps, €24.6 million of class D senior secured deferrable floating-rate notes (Baa3//BBB-) at Euribor plus 390 bps, $19.9 million of class E senior secured deferrable floating-rate notes (Ba3//BB-) at Euribor plus 650 bps and $10 million of class F senior secured deferrable floating-rate notes (B3//B-) at Euribor plus 900 bps.
The deal included $34.7 million of subordinated notes.
Merrill Lynch International was the placement agent.
Permira Debt Managers will manage the CLO.
The broadly syndicated CLO is backed mainly by senior secured obligations.
The CLO manager was last in the primary market in 2018 with the €361.3 million Providus CLO II DAC transaction issued Dec. 20, 2018. Permira Debt Managers priced two euro-denominated CLOs last year.
The structured credit firm is based in London.
| Issuer: | Providus CLO III DAC
|
| Amount: | €382.2 million
|
| Maturity: | July 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Permira Debt Managers Group Holdings Ltd.
|
| Pricing date: | June 27
|
| Settlement date: | Aug. 8
|
|
|
| Class A notes
|
| Amount: | €232.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 113 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €17.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €16.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.4%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €26.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 390 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €19.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 900 bps
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €34.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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