By Cristal Cody
Tupelo, Miss., March 31 – CQS Management, Ltd. brought a €362.2 million euro-denominated collateralized loan obligation transaction, according to a market source.
Grosvenor Place 2015-1 BV priced €202.8 million of class A-1a floating-rate notes at Euribor plus 130 basis points; €5 million of 1.48% class A-1b fixed-rate notes; €31.8 million of class A-2a floating-rate notes at Euribor plus 210 bps; €12 million of 2.35% class A-2b fixed-rate notes; €20 million of class B floating-rate notes at Euribor plus 300 bps; €17.3 million of class C floating-rate notes at Euribor plus 365 bps; €24.8 million of class D floating-rate notes at Euribor plus 540 bps; €11 million of class E floating-rate notes at Euribor plus 665 bps and €37.5 million of subordinated notes.
Deutsche Bank AG, London Branch arranged the transaction.
CQS Investment Management will manage the CLO.
CQS was last in the CLO primary market in 2013 with the Grosvenor Place 2013-1 BV deal.
The management asset firm is based in London.
| Issuer: | Grosvenor Place 2015-1 BV
|
| Amount: | €362.2 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | CQS Management, Ltd.
|
| Pricing date: | March 20
|
|
|
| Class A-1a notes
|
| Amount: | €202.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Price: | Par
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1b notes
|
| Amount: | €5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.48%
|
| Price: | Par
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2a notes
|
| Amount: | €31.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Expected ratings: Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2b notes
|
| Amount: | €12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.35%
|
| Price: | Par
|
| Expected ratings: Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Price: | 99.69
|
| Expected ratings: Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €17.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Price: | 98.73
|
| Expected ratings: Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €24.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 540 bps
|
| Price: | 96.23
|
| Expected ratings: Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 665 bps
|
| Price: | 91.76
|
| Expected ratings: Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €37.5 million
|
| Securities: | Subordinated notes
|
| Expected ratings: Non-rated
|
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