Chicago, Feb. 2 – AXA Investment Managers US Inc. sold €324.86 million in a collateralized loan obligation issued by Adagio X EUR CLO DAC, according to term sheet.
The notes will mature on July 20, 2036.
The CLO consists of €212.8 million of class A senior secured floating-rate notes at Euribor plus 205 basis points, €11.2 million of class B-1 senior secured floating-rate notes at Euribor plus 406 bps, €10 million of class B-2 7.15% senior secured fixed-rate notes, €20.1 million of class C deferrable mezzanine floating-rate notes at Euribor plus 522 bps, €16.5 million of class D deferrable mezzanine floating-rate notes at Euribor plus 672 bps, €19.8 million of class E deferrable junior floating-rate notes at Euribor plus 737 bps, €5.8 million of class F deferrable junior floating-rate notes at Euribor plus 953 bps, €14.46 million of class Z deferrable junior floating-rate notes at Euribor plus 1,000 bps and €14.2 million of subordinated notes.
AXA Investment Managers US Inc. will manage the collateral.
There is no reinvestment period. The CLO is static.
Collateral for the notes consists of senior secured obligations.
The notes can be called starting Nov. 18, 2023.
Barclays was the placement agent.
The asset management firm is a subsidiary of Paris-based AXA Group.
| Issuer: | Adagio X EUR CLO DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €324.86 million
|
| Maturity: | July 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | AXA Investment Managers US Inc.
|
| Call feature: | Nov. 18, 2023
|
| Settlement date: | Nov. 18, 2022
|
|
|
| Class A notes
|
| Amount: | €212.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €11.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 406 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.15%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €20.1 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 522 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €16.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 672 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €19.8 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 737 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €5.8 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 953 bps
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €14.46 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 1000 bps
|
|
|
| Subordinated notes
|
| Amount: | €14.2 million
|
| Securities: | Subordinated notes
|
|
|
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