By Cristal Cody
Eureka Springs, Ark., Oct. 17 – Tikehau Capital Europe Ltd. sold €414.2 million of notes due Nov. 26, 2029 in the firm’s second collateralized loan obligation transaction to date, according to a market source.
Tikehau CLO II BV priced €244 million of class A senior secured floating-rate notes at par to yield Euribor plus 106 basis points, €46 million of class B senior secured floating-rate notes at par to yield Euribor plus 170 bps and €23 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 257 bps.
The CLO sold €18 million of class D senior secured deferrable floating-rate notes at 99.65 with a coupon of Euribor plus 360 bps, €28 million of class E senior secured deferrable floating-rate notes at 96.05 with a coupon of Euribor plus 625 bps, €10.5 million of class F senior secured deferrable floating-rate notes at 86.80 with a coupon of Euribor plus 750 bps and €44.7 million of subordinated notes.
Citigroup Global Markets Inc. arranged the offering.
Tikehau Capital Europe is the CLO manager.
The notes are backed mainly by euro-denominated senior secured obligations.
Proceeds from the transaction will be used to purchase a €400 million portfolio of mostly European leveraged loans and bonds.
Tikehau previously priced one CLO deal in 2015.
The investment firm is based in London.
| Issuer: | Tikehau CLO II BV
|
| Amount: | €414.2 million
|
| Maturity: | Nov. 26, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Tikehau Capital Europe Ltd.
|
| Pricing date: | Oct. 13
|
| Settlement date: | Nov. 15
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 106 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 257 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Price: | 99.65
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Price: | 96.05
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Price: | 86.80
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €44.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
