Chicago, Oct. 31 – Invesco European RR LP priced €409.1 million of notes due July 15, 2032 in a new broadly syndicated collateralized loan obligation transaction on Thursday, according to a presale report.
Invesco Euro CLO III DAC sold:
• €244 million of class A floating-rate notes at Euribor plus 92 basis points;
• €38.5 million of class B-1 floating-rate notes at Euribor plus 175 bps;
• €7.5 million of 2.2% class B-2 fixed-rate notes;
• €26 million of class C floating-rate notes at Euribor plus 260 bps;
• €24 million of class D floating-rate notes at Euribor plus 400 bps;
• €20.8 million of class E floating-rate notes at Euribor plus 653 bps;
• €12 million of class F floating-rate notes at Euribor plus 807 bps; and
• €36.3 million of subordinated notes.
Invesco European RR will manage the CLO.
The deal is backed mostly by senior unsecured, mezzanine and second-lien loans.
The deal comes with a 4.5-year reinvestment period, and it does have a non-call period.
Invesco European is a New York-based fund manager and subsidiary of Invesco, Ltd.
| Issuer: | Invesco Euro CLO III DAC
|
| Amount: | €409.1 million
|
| Maturity: | July 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | Invesco European RR LP
|
| Pricing date: | Oct. 31
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €7.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.2%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 653 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 807 bps
|
| Rating: | Fitch: B-
|
|
|
| Equity
|
| Amount: | €36.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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