By Cristal Cody
Tupelo, Miss., Oct. 16 – Aegon USA Investment Management LLC priced $357.05 million of notes due Oct. 25, 2032 in the new Cedar Funding XII CLO Ltd./Cedar Funding XII CLO LLC transaction, according to market sources.
The CLO sold $3.5 million of class X floating-rate notes at Libor plus 65 basis points, $217 million of class A floating-rate notes at Libor plus 127 bps and $49 million of class B floating-rate notes at Libor plus 170 bps.
Cedar Funding XII priced $21 million of class C deferrable floating-rate notes at Libor plus 250 bps, $21 million of class D deferrable floating-rate notes at Libor plus 395 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus 600 bps and $35.05 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Aegon will manage the CLO.
The notes have a one-year non-call period and a three-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
Aegon is a Cedar Rapids, Iowa-based firm and part of The Hague, Netherlands-based Aegon Group.
| Issuer: | Cedar Funding XII CLO Ltd./Cedar Funding XII CLO LLC
|
| Amount: | $357.05 million
|
| Maturity: | Oct. 25, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 21
|
| Settlement date: | Nov. 3
|
|
|
| Class X notes
|
| Amount: | $3.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $217 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.05 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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