By Cristal Cody
Tupelo, Miss., June 12 – Tikehau Capital Europe Ltd. sold €354.7 million of notes due June 30, 2028 in a debut collateralized loan obligation transaction, according to a market source on Friday.
Tikehau CLO BV priced €161 million of class A-1 senior secured floating-rate notes at Euribor plus 135 basis points and €40 million of 1.88% class A-2 senior secured fixed/floating-rate notes, which convert to a floating rate of Euribor plus 140 bps after five years.
The CLO sold €39 million of class B senior secured floating-rate notes at Euribor plus 200 bps; €20 million of class C senior secured deferrable floating-rate notes at Euribor plus 290 bps; €18 million of class D senior secured deferrable floating-rate notes at Euribor plus 325 bps; €25 million of class E senior secured deferrable floating-rate notes at Euribor plus 460 bps; €10 million of class F senior secured deferrable floating-rate notes at Euribor plus 590 bps and €41.7 million of subordinated notes.
Goldman Sachs International arranged the offering.
Tikehau Capital Europe is the CLO manager.
The notes are backed by euro-denominated senior secured obligations.
Proceeds from the transaction will be used to purchase a €340 million portfolio of mostly euro-denominated leveraged loans and bonds.
Tikehau Capital Europe is a London-based investment firm.
| Issuer: | Tikehau CLO BV
|
| Amount: | €354.7 million
|
| Maturity: | June 30, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Tikehau Capital Europe Ltd.
|
| Pricing date: | June 12
|
| Settlement date: | July 7
|
|
|
| Class A-1 notes
|
| Amount: | €161 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €40 million
|
| Securities: | Senior secured fixed/floating-rate notes
|
| Coupon: | 1.88% for five years, then Euribor plus 140 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 460 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 590 bps
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €41.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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