By Cristal Cody
Tupelo, Miss., May 21 – Credit Suisse Asset Management Ltd. sold €413.53 million equivalent of dual currency notes due July 15, 2029 in the Cadogan Square CLO VI BV deal, according to a market source.
The CLO priced €219.25 million of class A-1 floating-rate notes at Euribor plus 130 basis points, £11.8 million of class A-2 floating-rate notes at Libor plus 130 bps and €5 million of 1.74% class A-3 fixed-rate notes.
The CLO priced €10.75 million of class B-1 floating-rate notes at Euribor plus 200 bps, £2.25 million of class B-2 floating-rate notes at Libor plus 200 bps and €32 million of 2.59% class B-3 fixed-rate notes.
Cadogan Square CLO sold €24 million of class C-1 floating-rate notes at Euribor plus 280 bps and £1,266,000 of class C-2 floating-rate notes at Libor plus 280 bps.
The CLO brought €23.25 million of class D-1 floating-rate notes at Euribor plus 320 bps and £1,224,000 of class D-2 floating-rate notes at Libor plus 320 bps.
The CLO placed €25.75 million of class E-1 floating-rate notes at Euribor plus 450 bps and £1,356,000 million of class E-2 floating-rate notes at Libor plus 450 bps.
The CLO sold €9.6 million of class F-1 floating-rate notes at Euribor plus 550 bps and £506,000 of class F-2 floating-rate notes at Libor plus 550 bps.
The deal included €43.25 million of class M-2 subordinated notes and £2.28 million of class M-2 subordinated notes as equity.
Credit Suisse Securities (Europe) Ltd. arranged the transaction.
Credit Suisse Asset Management will manage the CLO.
The CLO is backed primarily by senior secured obligations.
Proceeds from the deal will be used to purchase an equivalent €400 million portfolio of either sterling-denominated or euro-denominated leveraged loans and bonds.
Credit Suisse Asset Management, a subsidiary of Zurich-based Credit Suisse AG, last priced a European CLO in the Cadogan Square series in 2013.
| Issuer: | Cadogan Square CLO VI BV
|
| Amount: | €413.53 million equivalent
|
| Maturity: | July 15, 2029
|
| Securities: | Dual currency fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Credit Suisse Asset Management Ltd.
|
| Pricing date: | May 21
|
| Distribution: | Private placement
|
|
|
| Class A-1 notes
|
| Amount: | €219.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | £11.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-3 notes
|
| Amount: | €5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.74%
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €10.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | £2.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €32 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.59%
|
| Rating: | Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | £1,266,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | €23.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class D-2 notes
|
| Amount: | £1,224,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E-1 notes
|
| Amount: | €25.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Rating: | Fitch: BB
|
|
|
| Class E-2 notes
|
| Amount: | £1,356,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F-1 notes
|
| Amount: | €9.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Rating: | Fitch: B-
|
|
|
| Class F-2 notes
|
| Amount: | £506,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Fitch: B-
|
|
|
| Class M-1 notes
|
| Amount: | €43.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Class M-2 notes
|
| Amount: | £2.28 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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