By Cristal Cody
Tupelo, Miss., Oct. 30 – Chenavari Credit Partners LLP sold €248.5 million of notes due April 15, 2031 in a refinancing of three tranches from the vintage 2017 Toro European CLO 3 DAC transaction, according to a market source and a notice to noteholders on Wednesday.
The CLO priced €211.5 million of class A-R secured floating-rate notes at Euribor plus 65 basis points, €24.5 million of class B-1-R secured floating-rate notes at Euribor plus 155 bps and €12.5 million of 2% class B-3-R secured fixed-rate notes.
Barclays was the refinancing agent.
Chenavari Credit Partners will continue to manage the CLO.
In the original €365.35 million transaction issued April 12, 2017, the CLO had priced €211.5 million of class A secured floating-rate notes at par to yield Euribor plus 96 bps, €24.5 million of class B-1 secured floating-rate notes at par to yield Euribor plus 165 bps, €7.5 million of class B-2 secured floating-rate notes at par to yield Euribor plus 184 bps and €12.5 million of 2.25% class B-3 secured fixed-rate notes at par.
Toro European CLO also had sold €13.75 million of class C-1 secured deferrable floating-rate notes at par to yield Euribor plus 235 bps; €4.75 million of class C-2 secured deferrable floating-rate notes at par to yield Euribor plus 254 bps; €17.5 million of class D secured deferrable floating-rate notes at 98.00 and a coupon of Euribor plus 332 bps; €23 million of class E secured deferrable floating-rate notes at 93.94 and a coupon of Euribor plus 560 bps; €9.75 million of class F secured deferrable floating-rate notes at 91.43 and a coupon of Euribor plus 765 bps and €40.6 million of subordinated notes.
Proceeds were used to redeem the outstanding class A, B-1 and B-3 notes.
The CLO is 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 3 DAC
|
| Amount: | €365.35 million refinancing
|
| Maturity: | April 15, 2031
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Chenavari Credit Partners LLP
|
| Settlement date: | Oct. 30
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | €211.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 65 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €24.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Ratings: | Fitch: AA
|
|
|
| Class B-3-R notes
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| Amount: | €12.5 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | Fitch: AA
|
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