By Cristal Cody
Tupelo, Miss., Dec. 16 – Sankaty Advisors LLC priced €364,025,000 of notes due Dec. 22, 2028 in the Rye Harbour CLO Ltd. transaction, according to a market source.
The CLO priced €211.75 million of class A senior secured floating-rate notes at Euribor plus 130 basis points; €5 million of class B-1 senior secured floating-rate notes at Euribor plus 210 bps; €10 million of 2.65% class B-2 senior secured fixed-rate notes; €20 million of 2.3% class B-3 senior secured fixed/floating-rate notes; €12 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 290 bps; €10.75 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 241 bps; €20,125,000 of class D senior secured deferrable floating-rate notes at Euribor plus 350 bps and €22 million of class E senior secured deferrable floating-rate notes at Euribor plus 550 bps.
The deal also included €11 million of class F senior secured deferrable floating-rate notes and €41.4 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Sankaty Advisors will manage the CLO.
The transaction is collateralized primarily by senior secured obligations.
Proceeds from the offering will be used to purchase a €350 million portfolio of mostly euro-denominated leveraged loans and bonds.
Sankaty Advisors previously priced two U.S. CLO transactions and refinanced two vintage CLOs year to date.
The Boston-based credit investment firm is an affiliate of Bain Capital LLC.
| Issuer: | Rye Harbour CLO Ltd.
|
| Amount: | €364,025,000
|
| Maturity: | Dec. 22, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Sankaty Advisors LLC
|
| Pricing date: | Dec. 12
|
| Settlement date: | Jan. 16
|
|
|
| Class A notes
|
| Amount: | €211.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.65%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class B-3 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed/floating-rate notes
|
| Coupon: | 2.3%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class C-1 notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A+
|
|
|
| Class C-2 notes
|
| Amount: | €10.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 241 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A+
|
|
|
| Class D notes
|
| Amount: | €20,125,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | €41.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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