Details emerge for €304.75 million Cadogan Square CLO V offering

By Cristal Cody

Tupelo, Miss., July 19 - Credit Suisse Asset Management, LLC is expected to price the €304.75 million Cadogan Square CLO V BV offering of notes due 2025, according to an informed source.

The deal is expected to include €1.5 million of class X senior secured floating-rate notes (Aaa); €142.5 million of class A1 senior secured floating-rate notes (Aaa); £25.5 million of class A2 senior secured floating-rate notes (Aaa); €10 million of class B1 senior secured floating-rate notes (Aa2); €30 million of class B2 senior secured fixed-rate notes (Aa2); €17.25 million of class C senior secured deferrable floating-rate notes (A2); €15.5 million of class D senior secured deferrable floating-rate notes (Baa2); €24.75 million of class E senior secured deferrable floating-rate notes (Ba2) and €37.75 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

Credit Suisse Asset Management, a subsidiary of Zurich-based Credit Suisse AG, will manage the CLO, which is backed by European corporate leveraged loans.

The portfolio is expected to be 75% ramped up as of the closing date and will include mostly corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the six-month ramp-up period.

CSAM sold its last European CLO, the €507 million Cadogan Square CLO IV BV, in 2007.

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