Chicago, Oct. 19 – Brigade Capital Europe Management LLP sold €308.26 million in a collateralized loan obligation issued by Armada Euro CLO V DAC, according to a term sheet and multiple notices.
The notes will mature on July 28, 2034.
The CLO consists of €186 million of class A senior secured floating-rate notes at Euribor plus 93 basis points, €30.5 million of class B senior secured floating-rate notes at Euribor plus 165 bps, €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €18 million of class D senior secured deferrable floating-rate notes at Euribor plus 313 bps, €16 million of class E senior secured deferrable floating-rate notes at Euribor plus 597 bps, €9 million of class F senior secured deferrable floating-rate notes at Euribor plus 875 bps and €27.76 million of subordinated notes..
Brigade Capital Europe Management LLP will manage the collateral through the end of the reinvestment period on Jan. 28, 2026.
Most of the portfolio will consist of senior secured obligations.
The notes can be called starting Feb. 11, 2023.
Morgan Stanley & Co. International plc was the placement agent.
Brigade Capital Management is a London-based investment manager.
| Issuer: | Armada Euro CLO V DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €308.26 million
|
| Maturity: | July 28, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | Brigade Capital Europe Management LLP
|
| Call feature: | Feb. 11, 2023
|
| Settlement date: | Aug. 10
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | €186 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 93 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €30.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 313 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 597 bps
|
| Price: | 98
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class E notes
|
| Amount: | €9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 875 bps
|
| Price: | 97
|
| Rating: | Moody's: B3
|
| S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €27.76 million
|
| Securities: | Subordinated notes
|
| Price: | Par
|
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