By Cristal Cody
Tupelo, Miss., May 20 - Banco Santander SA brought a €500 million two-tranche offering of senior secured floating-rate notes due Jan. 21, 2041 in a collateralized loan obligation deal, according to an informed source.
FTA Pymes Santander 9 priced €331.7 million of class A notes (/A/DBRS: AA) at Euribor plus 75 basis points.
In the second tranche, the CLO sold €168.3 million of class B notes (/B-/DBRS: CCC) at Euribor plus 80 bps.
Banco Santander arranged the transaction.
Santander de Titulizacion SGFT, SA will manage the CLO.
The CLO is secured by a portfolio of bank loans originated by Banco Santander to small and medium-sized enterprises and self-employed individuals based in Spain.
Proceeds from the deal will be used to purchase the collateral pool at closing.
Banco Santander is a bank based in Madrid.
| Issuer: | FTA Pymes Santander 9
|
| Amount: | €500 million
|
| Maturity: | Jan. 21, 2041
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Banco Santander SA
|
| Manager: | Santander de Titulizacion SGFT, SA
|
| Call feature: | When asset balance is less than 10% of original portfolio
|
| Pricing date: | May 14
|
| Settlement date: | May 20
|
|
|
| Class A notes
|
| Amount: | €331.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Ratings: | Standard & Poor's: A
|
| DBRS: AA
|
|
|
| Class B notes
|
| Amount: | €168.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Ratings: | Standard & Poor's: B-
|
| DBRS: CCC
|
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