Chicago, Oct. 13 – Spire Management Ltd. refinanced for €349.99 million the collateralized loan obligation issued by Aurium CLO II DAC, according to an indenture.
The notes will now mature on June 22, 2034.
The refinanced CLO consists of €187 million of class A-1 senior secured floating-rate notes at Euribor plus 98 basis points, €30 million of class A-2 senior secured floating-rate notes at Euribor plus 118 bps, €35 million of class B senior secured floating-rate notes at Euribor plus 160 bps, €24.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 215 bps, €21 million of class D senior secured deferrable floating-rate notes at Euribor plus 310 bps, €17.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 608 bps, €11.285 million of class F senior secured deferrable floating-rate notes at Euribor plus 901 bps and €23.7 million of subordinated notes.
The original CLO had €205 million of class A senior secured floating-rate notes at Euribor plus 140 basis points; €49.7 million of class B senior secured floating-rate notes at Euribor plus 215 bps; €23.6 million of class C senior secured deferrable floating-rate notes at Euribor plus 310 bps; €18.9 million of class D senior secured deferrable floating-rate notes at Euribor plus 400 bps; €17.2 million of class E senior secured deferrable floating-rate notes at Euribor plus 595 bps; €10.3 million of class F senior secured deferrable floating-rate notes at Euribor plus 825 bps and €35 million of subordinated notes.
Spire Management Ltd. will manage the collateral through the end of the reinvestment period on Dec. 22, 2025.
The notes can be called starting Dec. 22, 2022.
Deutsche Bank AG, London Branch was the placement agent.
Spire Partners is a London-based independent fund management firm that focuses on European non-investment grade credit.
Issuer: | Aurium CLO II DAC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | €349.985 million
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Maturity: | June 22, 2034
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Structure: | Cash flow CLO
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Placement agent: | Deutsche Bank AG, London Branch
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Manager: | Spire Management Ltd.
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Call feature: | Dec. 22, 2022
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Settlement date: | July 8
|
|
Class A-1 notes
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Amount: | €187 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Euribor plus 98 bps
|
Price: | Par
|
Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
Class A-2 notes
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Amount: | €30 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 118 bps
|
Price: | Par
|
Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
Class B notes
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Amount: | €35 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 160 bps
|
Price: | Par
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Rating: | Moody's: Aa2
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| S&P: AA
|
|
Class C notes
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Amount: | €24.5 million
|
Securities: | Senior secured Deferrable floating-rate notes
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Coupon: | Euribor plus 215 bps
|
Price: | Par
|
Rating: | Moody's: A2
|
| S&P: A
|
|
Class D notes
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Amount: | €21 million
|
Securities: | Senior secured Deferrable floating-rate notes
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Coupon: | Euribor plus 310 bps
|
Price: | Par
|
Rating: | Moody's: Baa3
|
| S&P: BBB
|
|
Class E notes
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Amount: | €17.5 million
|
Securities: | Senior secured Deferrable floating-rate notes
|
Coupon: | Euribor plus 608 bps
|
Price: | 98.5
|
Rating: | Moody's: BB
|
| S&P: BB
|
|
Class F notes
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Amount: | €11.285 million
|
Securities: | Senior secured Deferrable floating-rate notes
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Coupon: | Euribor plus 901 bps
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Price: | 97.5
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Rating: | Moody's: B-
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| S&P: B-
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|
Subordinated notes
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Amount: | €23.7 million
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Securities: | Subordinated notes
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Price: | 96.12
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