By Cristal Cody
Tupelo, Miss., Oct. 3 Spire Partners LLP priced 271.5 million of notes due April 15, 2030 in a refinancing of the vintage 2017 Aurium CLO III DAC transaction, according to an issuers notice on Thursday.
The CLO sold 220 million of class A-R senior secured floating-rate notes at Euribor plus 67 basis points, 41.5 million of class B-1-R senior secured floating-rate notes at Euribor plus 140 bps and 10 million of 1.8% class B-2-R senior secured fixed-rate notes.
Barclays was the refinancing placement agent.
Spire Partners will continue to manage the CLO.
In the original 387.35 million transaction issued May 12, 2017, the CLO had priced 220 million of class A senior secured floating-rate notes at par to yield Euribor plus 88 bps, 41.5 million of class B-1 senior secured floating-rate notes at par to yield Euribor plus 150 bps and 10 million of 2.15% class B-2 senior secured fixed-rate notes at par.
Aurium CLO III also had priced 25.5 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 205 bps; 18 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 310 bps; 22.5 million of class E senior secured deferrable floating-rate notes at 95 and a coupon of Euribor plus 490 bps; 10.5 million of class F senior secured deferrable floating-rate notes at 91.6 and a coupon of Euribor plus 690 bps and 39.35 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
The CLO is backed primarily by senior secured loans or senior secured bonds.
Spire Partners is a fund management firm based in London.
| Issuer: | Aurium CLO III DAC
|
| Amount: | 271.5 million refinancing
|
| Maturity: | April 15, 2030
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Spire Partners LLP
|
| Notice date: | Oct. 3
|
| Settlement date: | Oct. 16
|
|
|
| Class A-R notes
|
| Amount: | 220 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 67 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | 41.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | 10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.8%
|
| Rating: | S&P: AA
|
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