By Cristal Cody
Tupelo, Miss., Jan. 24 - Alcentra Ltd. priced €413.5 million of notes due April 15, 2027 in the Jubilee CLO 2014-XI BV collateralized loan obligation transaction, according to a market source on Friday.
The CLO priced €227 million of class A senior secured floating-rate notes (Aaa/AAA/) at Euribor plus 140 basis points, 5 bps tighter than initial guidance, a source said.
The CLO also sold €54 million of class B senior secured floating-rate notes (Aa2/AA/) at Euribor plus 200 bps; €27 million of class C senior secured deferrable floating-rate notes (A2/A/) at Euribor plus 275 bps; €20.75 million of class D senior secured deferrable floating-rate notes (Baa2/BBB/) at Euribor plus 335 bps; €26.5 million of class E senior secured deferrable floating-rate notes (Ba2/BB/) at Euribor plus 460 bps and €16 million of class F senior secured deferrable floating-rate notes (Ba2/B-/) at Euribor plus 560 bps.
The deal included €42.25 million of subordinated notes in the equity tranche.
BofA Merrill Lynch was the placement agent.
Alcentra will manage the CLO, which is backed primarily by euro-denominated first-lien senior secured loans and bonds to broadly syndicated corporate borrowers in Western Europe.
The CLO is non-callable until April 15, 2016, and the reinvestment period ends April 15, 2018.
The offering is Alcentra's second European CLO deal since 2008. The global asset management firm brought the €400 million Jubilee CLO 2013-X BV transaction in July.
London-based Alcentra is an indirect subsidiary of BNY Alcentra Group Holding, Inc.
| Issuer: | Jubilee CLO 2014-XI BV
|
| Amount: | €413.5 million
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Alcentra Ltd.
|
| Call feature: | April 15, 2016
|
| Pricing date: | Jan. 24
|
| Settlement date: | Feb. 27
|
|
|
| Class A notes
|
| Amount: | €227 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Price talk: | Euribor plus 145 bps
|
|
|
| Class B notes
|
| Amount: | €54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | €20.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | €26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 460 bps
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | €16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
|
|
| Equity tranche
|
| Amount: | €42.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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