Chicago, Feb. 1 – Five Arrows Managers LLP is refinancing €290.6 million from five classes of notes from the Contego CLO IV DAC transaction due Jan. 23, 2030, according to a market source.
The refinancing includes €211.8 million of class A-R senior secured floating-rate notes at Euribor plus 64 basis points, €31.6 million of class B1-R senior secured floating-rate notes at Euribor plus 140 bps and €10 million of class B2-R senior secured fixed-rate notes at Euribor plus 170 bps.
Also included are €21 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 195 bps and €16.2 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 385 bps.
Proceeds from the refinancing will be used to redeem the original notes from the July 5, 2017 CLO.
The original €37.5 million of subordinated notes from the original transaction will remain outstanding.
The notes are backed primarily by senior secured loans and senior secured bonds.
Five Arrows will continue to manage the CLO during the remaining six months of the reinvestment period.
Five Arrows Managers is a London-based subsidiary of the Rothschild Group.
| Issuer: | Contego CLO IV DAC
|
| Amount: | €290.6 million
|
| Maturity: | Jan. 23, 2030
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Five Arrows Managers LLP
|
| Announcement date: | Feb. 1
|
|
|
| Class A-R notes
|
| Amount: | €211.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 64 basis points
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B1-R notes
|
| Amount: | €31.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B2-R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 195 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | €16.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 385 bps
|
| Rating: | Moody’s: Baa2
|
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