By Cristal Cody
Tupelo, Miss., Nov. 13 – Additional details emerged on Guggenheim Partners Europe Ltd.’s €406.5 million CLO private placement offering of notes due Nov. 16, 2028, according to a market source.
Cork Street CLO Designated Activity Co. priced €127.3 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 145 basis points and €112.7 million of class A-1B senior secured step-up floating-rate notes (Aaa//AAA) at Euribor plus 135 bps, which step up to Euribor plus 195 bps after two years.
The CLO sold €15.65 million of class A-2A senior secured floating-rate notes (Aa2//AA) at Euribor plus 220 bps and €26.35 million of 2.811% class A-2B senior secured fixed-rate notes (Aa2//AA).
Cork Street CLO also priced €24 million of 3.6% class B senior secured deferrable fixed-rate notes (A2//A); €21 million of 4.5% class C senior secured deferrable fixed-rate notes (Baa2//BBB); €26 million of 6.2% class D senior secured deferrable fixed-rate notes (Ba2//BB) and €53.5 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Guggenheim will manage the CLO, which has a four-year reinvestment period.
The CLO is backed primarily by senior secured loans and senior secured bonds.
Proceeds from the deal will be used to purchase a €400 million portfolio of European leveraged loans and bonds.
Guggenheim Partners Europe is a Dublin-based subsidiary of global asset manager Guggenheim Partners, LLC.
| Issuer: | Cork Street CLO Designated Activity Co.
|
| Amount: | €406.5 million
|
| Maturity: | Nov. 16, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Guggenheim Partners Europe Ltd.
|
| Pricing date: | Nov. 6
|
| Settlement date: | Dec. 21
|
| Distribution: | Private placement
|
|
|
| Class A-1A notes
|
| Amount: | €127.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
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| Amount: | €112.7 million
|
| Securities: | Senior secured step-up floating-rate notes
|
| Coupon: | Euribor plus 135 bps, which steps up to Euribor plus 195 bps after two years
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
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| Amount: | €15.65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
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| Amount: | €26.35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.811%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.6%
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
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| Amount: | €21 million
|
| Securities: | Senior secured deferrable fixed-rate notes
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| Coupon: | 4.5%
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
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| Amount: | €26 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6.2%
|
| Ratings: | Moody’s: Ba2
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| Fitch: BB
|
|
|
| Equity
|
| Amount: | €53.5 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
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