Chicago, Oct. 6 – Guggenheim Partners Europe Ltd. refinanced for €421.39 million the collateralized loan obligation issued by Bilbao CLO II DAC, according to a pre-sale report.
The notes will mature on April 20, 2032.
The CLO consists of €2 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €248 million of class A-1A senior secured floating-rate notes at Euribor plus 97 bps, €27 million of class A-2A senior secured floating-rate notes at Euribor plus 160 bps, €10 million of class A-2B 2.% senior secured fixed-rate notes, €26 million of class B senior secured floating-rate notes at Euribor plus 210 bps, €29 million of class C senior secured deferrable floating-rate notes at Euribor plus 310 bps, €20.25 million of class D senior secured deferrable floating-rate notes at Euribor plus 597 bps, €7.75 million of class E senior secured deferrable floating-rate notes at Euribor plus 851 bps and €29.5695 million of subordinated notes.
Originally, the CLO sold €2 million of class X senior secured floating-rate notes (Aaa) at Euribor plus 55 bps, €234 million of class A-1A senior secured floating-rate notes (Aaa) at Euribor plus 114 bps, €15 million of 1.6% class A-1B senior secured fixed-rate notes (Aaa), €27 million of class A-2A senior secured floating-rate notes (Aa2) at Euribor plus 195 bps and €5 million of 2.05% class A-2B senior secured fixed-rate notes.
Bilbao CLO II also initially priced €25.1 million of class B senior secured deferrable floating-rate notes (Aa2) at Euribor plus 270 bps, €29.4 million of class C senior secured deferrable floating-rate notes (Baa3) at Euribor plus 390 bps; €21.8 million of class D senior secured deferrable floating-rate notes (Ba3) at Euribor plus 585 bps; €10 million of class E senior secured deferrable floating-rate notes (Ba3) at Euribor plus 720 bps and €42.6 million of subordinated notes.
Guggenheim Partners Ltd. will manage the collateral through the end of the reinvestment period on Feb. 20, 2026.
The notes can be called starting Jan. 29, 2023.
Citigroup was the placement agent.
| Issuer: | Bilbao CLO II DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €421.39 million
|
| Maturity: | Aug. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup
|
| Manager: | Guggenheim Partners Europe Ltd.
|
| Call feature: | Jan. 29, 2023
|
| Settlement date: | July 28
|
| Reinvestment period: | Feb. 20, 2026
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Price: | Par
|
| Rating: | Moody's: AAA
|
|
|
| Class A-1A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 97 bps
|
| Price: | Par
|
| Rating: | Moody's: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Rating: | Moody's: AAA
|
| Fitch: AAA
|
|
|
| Class A-2B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Price: | Par
|
| Rating: | Moody's: AA
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Rating: | Moody's: AA
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €29 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Price: | Par
|
| Rating: | Moody's: A+
|
| Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | €20.25 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 597 bps
|
| Price: | 99
|
| Rating: | Moody's: BBB-
|
| Fitch: BB-
|
|
|
| Class E notes
|
| Amount: | €7.75 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 851 bps
|
| Price: | 98
|
| Rating: | Moody's: BB-
|
| Fitch: B-
|
|
|
| Subordinated notes 1
|
| Amount: | €29.5695 million
|
| Securities: | Subordinated notes
|
|
|
| Subordinated notes 2
|
| Amount: | €21.8205 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
