By Cristal Cody
Tupelo, Miss., Dec. 9 – Invesco European RR LP priced €305.4 million of notes due Jan. 15, 2034 in its second European broadly syndicated collateralized loan obligation deal of the year, according to market sources.
Invesco Euro CLO V DAC sold €1.25 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €186 million of class A senior secured floating-rate notes at Euribor plus 107 bps, €13.3 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps and €10 million of 2% class B-2 senior secured fixed-rate notes.
The CLO also priced €20.2 million of class C senior secured deferrable floating-rate notes at Euribor plus 270 bps, €21.8 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps, €18.7 million of class E senior secured deferrable floating-rate notes at Euribor plus 581 bps, €6.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 767 bps and €27.35 million of subordinated notes.
Barclays was the placement agent.
The CLO has a four-year reinvestment period.
The notes are backed mostly by broadly syndicated first-lien senior secured corporate loans and bonds.
Invesco European is a New York-based fund manager and subsidiary of Invesco, Ltd.
| Issuer: | Invesco Euro CLO V DAC
|
| Amount: | €305.4 million
|
| Maturity: | Jan. 15, 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Invesco European RR LP
|
| Settlement date: | Jan. 15
|
|
|
| Class X notes
|
| Amount: | €1.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €186 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 107 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €13.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €20.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €18.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 581 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €6.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 767 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €27.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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