By Cristal Cody
Tupelo, Miss., Aug. 18 – Chenavari Credit Partners LLP priced €308 million of notes due Sept. 15, 2028 in the previously announced Toro European CLO 1 Ltd. transaction, according to details from an informed source.
The CLO sold €173.5 million of class A secured floating-rate notes at Euribor plus 140 basis points; €34.5 million of class B secured floating-rate notes at Euribor plus 220 bps; €19.25 million of class C secured deferrable floating-rate notes at Euribor plus 275 bps; €16.5 million of class D secured deferrable floating-rate notes at Euribor plus 350 bps; €22.25 million of class E secured deferrable floating-rate notes at Euribor plus 500 bps and €9 million of class F secured deferrable floating-rate notes at Euribor plus 600 bps.
The offering included €33 million of subordinated notes in the equity tranche.
Deutsche Bank AG, London Branch arranged the deal.
Chenavari Credit Partners will manage the CLO.
The CLO is backed primarily by euro-denominated senior secured loans.
Chenavari Credit Partners is a subsidiary of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 1 Ltd.
|
| Amount: | €308 million
|
| Maturity: | Sept. 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Chenavari Credit Partners LLP
|
| Pricing date: | Aug. 8
|
| Settlement date: | Sept. 15
|
|
|
| Class A notes
|
| Amount: | €173.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | €34.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Price: | 99.69
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA expected
|
|
|
| Class C notes
|
| Amount: | €19.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Price: | 99.68
|
| Ratings: | Moody’s: A2
|
| Fitch: A expected
|
|
|
| Class D notes
|
| Amount: | €16.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Price: | 96.83
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB expected
|
|
|
| Class E notes
|
| Amount: | €22.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Price: | 90.81
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB expected
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Price: | 90.18
|
| Ratings: | Moody’s: B2
|
| Fitch: B- expected
|
|
|
| Equity tranche
|
| Amount: | €33 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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