By Cristal Cody
Tupelo, Miss., Nov. 30 – Chenavari Credit Partners LLP sold €328.7 million of notes due Feb. 15, 2034 in the Toro European CLO 7 DAC transaction last week, according to market sources.
The CLO priced €1.75 million of class X secured floating-rate notes at Euribor plus 55 basis points, €192 million of class A secured floating-rate notes at Euribor plus 115 bps, €16 million of class B-1 secured floating-rate notes at Euribor plus 210 bps and €14.95 million of 2.1% class B-2 secured fixed-rate notes.
Toro European CLO 7 also sold €21.3 million of class C secured deferrable floating-rate notes at Euribor plus 315 bps, €21.35 million of class D secured deferrable floating-rate notes at Euribor plus 450 bps, €22.4 million of class E secured deferrable floating-rate notes at Euribor plus 716 bps, €7.45 million of class F secured deferrable floating-rate notes at Euribor plus 832 bps and €31.5 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Chenavari Credit Partners will manage the CLO, which has a three-year reinvestment period.
The notes are backed primarily by euro-denominated senior secured loans and senior secured bonds.
Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 7 DAC
|
| Amount: | €328.7 million
|
| Maturity: | Feb. 15, 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Chenavari Credit Partners LLP
|
| Pricing date: | Week of Nov. 23
|
| Settlement date: | Dec. 17
|
|
|
| Class X notes
|
| Amount: | €1.75 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 55 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P AAA
|
|
|
| Class A notes
|
| Amount: | €192 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P AAA
|
|
|
| Class B-1 notes
|
| Amount: | €16 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P AA
|
|
|
| Class B-2 notes
|
| Amount: | €14.95 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| S&P AA
|
|
|
| Class C notes
|
| Amount: | €21.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Ratings: | Moody’s: A2
|
| S&P A
|
|
|
| Class D notes
|
| Amount: | €21.35 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €22.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 716 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €7.45 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 832 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €31.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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