By Rebecca Melvin
New York, Sept. 17 – Sankaty Advisors LLC priced an upsized €361.4 million of euro-denominated notes in a collateralized loan obligation transaction, according to a market source.
The deal was upsized from €310 million.
The deal included €206.75 million of class A-1 floating-rate notes priced at Libor plus 130 basis points; €5 million of class A-2 fixed-rate notes at 1.8%; €6 million of class B-1 floating-rate notes at Libor plus 200 bps; €29 million of 2.85% class B-2 fixed-rate notes; €22.75 million of class C floating-rate notes at Libor plus 260 bps; €20.1 million of class D floating-rate notes at Libor plus 340 bps; €22.8 million of class E floating-rate notes at Libor plus 580 bps; €11 million of class F notes at Libor plus 700 bps; and €38 million of non-rated subordinated notes.
Citigroup Global Markets Inc. is the placement agent.
Sankaty Advisors will manage the CLO.
The deal is the firm’s first post-financial crisis European CLO transaction.
Sankaty Advisors has priced two U.S. CLO transactions and refinanced two vintage CLOs in 2014. The firm most recently priced the $415.25 million Avery Point V CLO Ltd./Avery Point V CLO Corp. deal on June 27.
The Boston-based credit investment unit of Bain Capital LLC brought two U.S. CLO deals in 2013.
| Issuer: | Sankaty Advisors LLC
|
| Amount: | €361.4 million
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Sankaty Advisors LLC
|
|
|
| Class A-1 notes
|
| Amount: | €206.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.8%
|
|
|
| Class B-1 notes
|
| Amount: | €6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
|
|
| Class B-2 notes
|
| Amount: | €29 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.85%
|
|
|
| Class C notes
|
| Amount: | €22.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
|
|
| Class D notes
|
| Amount: | €20.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | €22.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
|
|
| Equity tranche
|
| Amount: | €38 million
|
| Securities: | Subordinate notes
|
| Rating: | Non-rated
|
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