By Cristal Cody
Tupelo, Miss., March 28 – Spire Partners LLP priced €407.6 million of notes due Jan. 16, 2031 in the new Aurium CLO IV DAC transaction, according to a market source.
The CLO sold €199 million of class A-1 senior secured floating-rate notes at Euribor plus 75 basis points, €30 million of 1.62% class A-2 senior secured fixed-rate notes and €54 million of class B senior secured floating-rate notes at Euribor plus 110 bps.
Aurium CLO also priced €32 million of class C senior secured deferrable floating-rate notes; €24.2 million of class D senior secured deferrable floating-rate notes; €20.3 million of class E senior secured deferrable floating-rate notes; €11.8 million of class F senior secured deferrable floating-rate notes and €36.3 million of subordinated notes. Additional pricing terms were not immediately available.
Citigroup Global Markets Ltd. arranged the transaction.
Spire Partners will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by senior secured obligations.
Spire Partners priced one new euro-denominated CLO and refinanced one vintage CLO in 2017.
The fund management firm is based in London.
| Issuer: | Aurium CLO IV DAC
|
| Amount: | €407.6 million
|
| Maturity: | Jan. 16, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Spire Partners LLP
|
| Call feature: | Two years
|
| Pricing date: | March 21
|
| Settlement date: | April 26
|
|
|
| Class A-1 notes
|
| Amount: | €199 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.62%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | €54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €24.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €20.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €11.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €36.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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