By Cristal Cody
Eureka Springs, Ark., Aug. 9 National Bank of Greece SA priced 647,770,761 of asset-backed notes due July 15, 2035 at par in the Sinepia DAC small- and midsize-enterprise collateralized loan obligation deal, according to a prospectus and market source.
The CLO sold 150 million of class A1 floating-rate notes, 35 million of class A2 floating-rate notes, 50 million of class A3 floating-rate notes and 88.8 million of class A4 floating-rate notes at Euribor plus 185 basis points.
The CLO priced 259.1 million of class M floating-rate notes at Euribor plus 300 bps and 64,870,761 of class Z floating-rate notes at Euribor plus 500 bps.
HSBC Bank plc and National Bank of Greece were the joint arrangers.
The Sinepia offering is the banks first cash flow SME CLO deal since the 2007-2008 financial crisis, according to S&P.
The deal is collateralized by static secured and unsecured loans originated by National Bank of Greece and granted to small and midsize companies.
Proceeds will be used to purchase a portfolio of loan and bond loan receivables.
National Bank of Greece is a banking and financial services company based in Athens.
| Issuer: | Sinepia DAC
|
| Amount: | 647,770,761
|
| Maturity: | July 15, 2035
|
| Securities: | Asset-backed floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | HSBC Bank plc and National Bank of Greece
|
| Manager: | National Bank of Greece SA
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 8
|
| Distribution: | Private placement
|
|
|
| Class A1 notes
|
| Amount: | 150 million
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | S&P: BB
|
| Fitch: B-
|
|
|
| Class A2 notes
|
| Amount: | 35 million
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | S&P: BB
|
| Fitch: B-
|
|
|
| Class A3 notes
|
| Amount: | 50 million
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | S&P: BB
|
| Fitch: B-
|
|
|
| Class A4 notes
|
| Amount: | 88.8 million
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | S&P: BB
|
| Fitch: B-
|
|
|
| Class M notes
|
| Amount: | 259.1 million
|
| Coupon: | Euribor plus 300 bps
|
| Price: | Par
|
| Ratings: | Unrated
|
|
|
| Class Z notes
|
| Amount: | 64,870,761
|
| Coupon: | Euribor plus 500 bps
|
| Price: | Par
|
| Ratings: | Unrated
|
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