By Cristal Cody
Tupelo, Miss., Aug. 18 – Banca Monte dei Paschi di Siena SpA priced a €2,876,600,000 collateralized loan obligation offering of asset-backed floating-rate notes secured by small and medium-sized enterprise loans, according to a market source.
Siena PMI 2015 Srl sold €296 million of class A-1A notes and €592 million of class A-1B notes at a spread of three-month Euribor plus 82 basis points.
The vehicle priced €300 million of class A-2A and €150 million of class A-2B notes at a spread of three-month Euribor plus 92 bps.
Siena PMI placed €390 million of class B notes at a spread of three-month Euribor plus 170 bps.
The CLO sold €270.1 million of class C notes and €840.5 million of class D notes at a spread of three-month Euribor plus 100 bps.
The CLO also priced €38 million of junior notes in the equity tranche.
The notes are due Nov. 5, 2055.
Banca IMI SpA was the lead underwriter. Co-underwriters were HSBC Holdings plc, Royal Bank of Scotland Group plc and Societe General Group.
Banca Monte dei Paschi di Siena will manage the CLO.
The deal is a cash securitization of loans originated by the banks under the Banca Monte dei Paschi di Siena Group primarily to small and medium-sized enterprises based in the central and northern regions of Italy.
Banca Monte dei Paschi di Siena is a Siena, Italy-based bank founded in 1472.
| Issuer: | Siena PMI 2015 Srl
|
| Amount: | €2,876,600,000
|
| Maturity: | Nov. 5, 2055
|
| Securities: | Asset-backed floating-rate notes
|
| Structure: | SME CLO
|
| Underwriters: | Banca IMI SpA (lead); HSBC Holdings plc, Royal Bank of Scotland Group plc and Societe General Group (co-underwriters)
|
| Manager: | Banca Monte dei Paschi di Siena SpA
|
| Pricing date: | Aug. 6
|
|
|
| Class A-1A notes
|
| Amount: | €296 million
|
| Spread: | Three-month Euribor plus 82 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-1B notes
|
| Amount: | €592 million
|
| Spread: | Three-month Euribor plus 82 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2A notes
|
| Amount: | €300 million
|
| Spread: | Three-month Euribor plus 92 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B notes
|
| Amount: | €150 million
|
| Spread: | Three-month Euribor plus 92 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | €390 million
|
| Spread: | Three-month Euribor plus 170 bps
|
| Rating: | Moody’s: A3
|
|
|
| Class C notes
|
| Amount: | €270.1 million
|
| Spread: | Three-month Euribor plus 100 bps
|
| Rating: | Moody’s: Ba1
|
|
|
| Class D notes
|
| Amount: | €840.5 million
|
| Spread: | Three-month Euribor plus 100 bps
|
| Ratings: | Non-rated
|
|
|
| Junior equity
|
| Amount: | €38 million
|
| Ratings: | Non-rated
|
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