By Cristal Cody
Tupelo, Miss., May 24 – Credit Suisse Asset Management Ltd. priced €418.5 million of notes in a refinancing and reset of a vintage 2016 collateralized loan obligation offering, according to a market source and a notice to noteholders.
Cadogan Square CLO VII BV priced €272 million of class A senior secured floating-rate notes at par to yield Euribor plus 78 basis points, €14.5 million of class B-1 senior secured floating-rate notes at par to yield Euribor plus 132 bps, €15 million of class B-2 senior secured floating-rate notes at par to yield Euribor plus 162 bps and €20 million of 2.1% class B-3 senior secured fixed-rate notes at par.
The CLO also sold €20.5 million of class C-1 senior secured deferrable floating-rate notes at par to yield Euribor plus 175 bps and €10 million of class C-2 senior secured deferrable floating-rate notes at par to yield Euribor plus 205 bps.
Cadogan Square CLO VII placed €25.5 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 260 bps, €27.5 million of class E senior secured deferrable floating-rate notes at 97.09 and a coupon of Euribor plus 470 bps and €13.5 million of class F senior secured deferrable floating-notes at 94.09 and a coupon of Euribor plus 625 bps.
Morgan Stanley & Co. International plc arranged the transaction.
The maturity on the notes was extended to May 26, 2031 from the original May 25, 2029 maturity.
The reset CLO has a non-call period that ends May 25, 2020 and a reinvestment period that ends Aug. 25, 2022.
The €411.65 million CLO originally was issued May 19, 2016. Cadogan Square CLO VII had priced €241 million of class A senior secured floating-rate notes at Euribor plus 150 bps; €44 million of class B senior secured floating-rate notes at Euribor plus 210 bps; €28 million of class C senior secured deferrable floating-rate notes at Euribor plus 300 bps; €17.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 475 bps; €27.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 600 bps and €53.65 million of class M subordinated notes.
Proceeds will be used to redeem the original notes.
The deal is backed primarily by euro-denominated senior secured loans and bonds.
Credit Suisse Asset Management, a subsidiary of Zurich-based Credit Suisse AG, priced two euro-denominated CLOs in 2017.
| Issuer: | Cadogan Square CLO VII BV
|
| Amount: | €411.65 million refinancing
|
| Maturity: | May 26, 2031
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. International plc
|
| Manager: | Credit Suisse Asset Management Ltd.
|
| Call feature: | May 25, 2020
|
| Settlement date: | May 25
|
|
|
| Class A notes
|
| Amount: | €272 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 78 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €14.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 132 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 162 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 470 bps
|
| Price: | 97.09
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Price: | 94.09
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
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