By Rebecca Melvin
New York, Sept. 17 – Aegon USA Investment Management LLC sold $460.85 million of notes due Oct. 20, 2026 in a collateralized loan obligation transaction, according to a market source. The deal included eight tranches of senior secured floating-rate, fixed-rate and subordinated notes.
Cedar Funding IV CLO Ltd./Cedar Funding IV CLO LLC sold $224 million of class A-1 floating-rate notes (/AAA/) priced at Libor plus 150 basis points; $62 million of class A-F fixed-rate notes (/AAA/) at 3.55%; $31 million of class B-1 floating-rate notes (/AA/) at Libor plus 225 bps; $32 million of 4.7% class B-F fixed-rate notes (/AA/); $28.5 million of class C deferrable floating-rate notes (/A/) at Libor plus 300 bps; $23 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 415 bps; $17 million of class E deferrable floating-rate notes (/BB/) at Libor plus 625 bps; and $43.35 million of non-rated subordinated notes.
Jefferies LLC arranged the offering.
Aegon USA Investment Management is the CLO manager.
The CLO securitization is backed by a revolving pool of broadly syndicated senior secured loans to corporate borrowers.
The non-callable period on the notes ends Oct. 20, 2016.
Cedar Funding IV CLO is a managed cash flow CLO.
| Issuer: | Cedar Funding IV CLO Ltd./Cedar Funding IV CLO LLC
|
| Amount: | $460.85 million
|
| Maturity: | Oct. 20, 2026
|
| Securities: | Senior secured floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | Oct. 20, 2016
|
| Settlement date: | Oct. 20
|
|
|
| Class A-1 notes
|
| Amount: | $224 million
|
| Securities: | Class A-1 floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-F notes
|
| Amount: | $62 million
|
| Securities: | Class A-F fixed-rate notes
|
| Coupon: | 3.55%
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $31 million
|
| Securities: | Class B-1 floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-F notes
|
| Amount: | $32 million
|
| Securities: | Class B-F fixed-rate notes
|
| Coupon: | 4.7%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $28.5 million
|
| Securities: | Class C deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Class D deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Class E deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Subordinated notes
|
| Amount: | $43.35 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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