By Cristal Cody
Tupelo, Miss., Dec. 13 – Cairn Loan Investments LLP sold €418.73 million of notes due July 15, 2032 in a new euro-denominated collateralized loan obligation, according to market sources.
Cairn CLO XI BV priced €244 million of class A floating-rate notes at Euribor plus 91 basis points; €40 million of class B floating-rate notes at Euribor plus 160 bps; €32 million of class C floating-rate notes at Euribor plus 240 bps; €23 million of class D floating-rate notes at Euribor plus 415 bps; €23 million of class E floating-rate notes at Euribor plus 677 bps and €10 million of class F floating-rate notes at Euribor plus 924 bps.
The class A through class D notes priced at par. The class E notes priced at 94.5, while the class F tranche priced at 92.15.
The deal included €8 million of class Z notes, €23.3 million of class M1 notes and €15.43 million of class M-2 notes in the equity tranches.
Citigroup Global Markets Ltd. was the placement agent.
Cairn Loan Investments II LLP will manage the CLO.
The transaction is backed primarily by broadly syndicated senior secured loans and senior secured bonds.
The CLO manager is based in London.
| Issuer: | Cairn CLO XI BV
|
| Amount: | €418.73 million
|
| Maturity: | July 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Cairn Loan Investments II LLP
|
| Pricing date: | Nov. 5
|
| Settlement date: | Dec. 13
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 91 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €32 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Price: | Par
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 415 bps
|
| Price: | Par
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 677 bps
|
| Price: | 94.5
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 924 bps
|
| Price: | 92.15
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €8 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Class M-1 notes
|
| Amount: | €23.3 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Class M-2 notes
|
| Amount: | €15.43 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
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