By Cristal Cody
Eureka Springs, Ark., June 15 – GoldenTree Asset Management LP priced €407.24 million of notes due July 20, 2029 in a euro-denominated collateralized loan obligation deal, according to a market source.
Laurelin 2016-1 DAC sold €221 million of class A senior secured floating-rate notes at Euribor plus 130 basis points; €67.5 million of class B senior secured floating-rate notes at Euribor plus 205 bps; €27 million of class C senior secured deferrable floating-rate notes at Euribor plus 310 bps; €19.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 440 bps; €21 million of class E senior secured deferrable floating-rate notes at Euribor plus 660 bps; €7 million of class F senior secured deferrable floating-rate notes at Euribor plus 865 bps and €44.4 million of subordinated notes in the equity tranche.
Credit Suisse Securities (Europe) Ltd. arranged the deal.
GoldenTree Asset Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by broadly syndicated euro-denominated senior secured loans and bonds.
GoldenTree Asset Management priced two U.S. dollar CLO deals in 2015.
The private investment firm is based in New York City.
| Issuer: | Laurelin 2016-1 DAC
|
| Amount: | €407.4 million
|
| Maturity: | July 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | GoldenTree Asset Management LP
|
| Call feature: | Two years
|
| Pricing date: | June 13
|
| Settlement date: | July 21
|
|
|
| Class A notes
|
| Amount: | €221 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 440 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 660 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 865 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
|
|
| Equity
|
| Amount: | €44.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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