By Cristal Cody
Tupelo, Miss., Dec. 12 - NIBC Bank NV sold €306 million of notes due January 2026 in a European collateralized loan obligation offering brought under Regulation S and Rule 144A, according to an informed source on Thursday.
The deal was upsized from an initial estimate of €304.5 million.
North Westerly CLO IV 2013 BV priced €161 million of class A-1 floating-rate notes (/AAA/AAA) at Euribor plus 145 basis points; $16 million of 2.8% class A-2 fixed-rate notes (/AAA/AAA); €27 million of class B-1 floating-rate notes (/AA/AA) at Euribor plus 210 bps; €10 million of 3.65% class B-2 fixed-rate notes (/AA/AA); €17.5 million of class C floating-rate notes (/A/A) at Euribor plus 325 bps; €16 million of class D floating-rate notes (/BBB/BBB) at Euribor plus 425 bps; €21 million of class E floating-rate notes (/BB/BB) at Euribor plus 600 bps and €37.5 million of subordinated notes.
RBS Securities Inc. was the bookrunner. NIBC was the co-arranger.
NIBC Bank will manage the CLO, which is backed primarily by broadly syndicated senior secured floating-rate notes.
The CLO has a non-call period until Jan. 15, 2017 and a reinvestment period until Jan. 15, 2018.
Proceeds from the offering will be used to purchase a €300 million portfolio of European and U.S. leveraged loans and bonds.
NIBC Bank, based in the Hague, the Netherlands, last priced a European CLO transaction in 2006 when it brought the €410 million North Westerly CLO III BV deal.
| Issuer: | North Westerly CLO IV 2013 BV
|
| Amount: | €306 million
|
| Maturity: | January 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBS Securities Inc.
|
| Co-arranger: | NIBC Bank NV
|
| Manager: | NIBC Bank NV
|
| Call feature: | Jan. 15, 2017
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 19
|
| Distribution: | Regulation S, Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | €161 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €16 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.8%
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.65%
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Ratings: | Standard & Poor's: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Ratings: | Standard & Poor's: BB
|
| Fitch: BB
|
|
|
| Equity tranche
|
| Amount: | €37.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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