By Cristal Cody
Eureka Springs, Ark., May 31 – Spire Partners LLP priced €359.7 million of notes due July 16, 2029 in the Aurium CLO II Designated Activity Co. transaction, according to a market source.
The CLO sold €205 million of class A senior secured floating-rate notes at Euribor plus 140 basis points; €49.7 million of class B senior secured floating-rate notes at Euribor plus 215 bps; €23.6 million of class C senior secured deferrable floating-rate notes at Euribor plus 310 bps; €18.9 million of class D senior secured deferrable floating-rate notes at Euribor plus 400 bps; €17.2 million of class E senior secured deferrable floating-rate notes at Euribor plus 595 bps; €10.3 million of class F senior secured deferrable floating-rate notes at Euribor plus 825 bps and €35 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. arranged the deal.
Spire Partners will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by euro-denominated senior secured loans, senior secured bonds and eligible investments.
The deal is the second CLO transaction that Spire Partners has priced in 2016. The firm placed the €308.77 million Aurium CLO I Ltd. offering on March 3.
Spire Partners is a London-based independent fund management firm that focuses on European non-investment grade credit.
| Issuer: | Aurium CLO II Designated Activity Co.
|
| Amount: | €359.7 million
|
| Maturity: | July 16, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Spire Partners LLP
|
| Call feature: | 2018
|
| Pricing date: | May 20
|
| Settlement date: | June 15
|
|
|
| Class A notes
|
| Amount: | €205 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Class B notes
|
| Amount: | €49.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €18.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €17.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 595 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €10.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 825 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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