The original story which ran on March 17 had different amounts for some of the classes of notes. The amounts for each refinancing class have been corrected based on the listing notice of the refinancing notes. The corrected story is below:
Chicago, March 17 – Five Arrows Managers LLP refinanced seven classes of notes and two subordinated classes of notes for €416.7 million from the Contego CLO VI DAC collateralized loan obligation transaction, according to multiple releases.
The refinancing notes, now due April 17, 2034, have as part of their portfolio €248.5 million of class A senior secured floating-rate notes at Euribor plus 82 basis points, €15 million of class B-1 1.7% senior secured fixed-rate notes and €24.5 million of class B-2 senior secured floating-rate notes at Euribor plus 135 bps.
Lower in the portfolio are €28 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €23 million of class D senior secured deferrable floating-rate notes at Euribor plus 320 bps, €22 million of class E senior secured deferrable floating-rate notes at Euribor plus 586 bps and €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 806 bps,
The refinancing also includes €2 million of class M unrated notes and €41.7 million of subordinated notes.
All of the note classes from the previous transaction will be redeemed at par. The original subordinated notes are also being redeemed.
The original Contego CLO VI DAC had €1.5 million of class X senior secured floating-rate notes at Euribor plus 50 bps, €15 million of 1.51% class A-1 senior secured fixed-rate notes, €233 million of class A-2 senior secured floating-rate notes at Euribor plus 98 bps, €10.5 million of 2.35% class B-1 senior secured fixed-rate notes and €29.5 million of class B-2 senior secured floating-rate notes at Euribor plus 175 bps.
The CLO also originally sold €28 million of class C senior secured deferrable floating-rate notes at Euribor plus 240 bps, €22 million of class D senior secured deferrable floating-rate notes at Euribor plus 330 bps, €22 million of class E senior secured deferrable floating-rate notes at Euribor plus 528 bps, €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 720 bps and €38.5 million of subordinated notes.
Five Arrows will continue to manage the CLO portfolio through the 4.25-year reinvestment period. The portfolio primarily contains senior secured loans or senior secured bonds. The portfolio will be fully ramped on the closing date.
Five Arrows Managers is a London-based subsidiary of the Rothschild Group.
Issuer: | Contego CLO VI DAC
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Issue: | Floating-rate, fixed-rate and subordinated notes
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Structure: | Cash flow CLO
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Amount: | €416.7 million
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Maturity: | April 17, 2034
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Manager: | Five Arrows Managers LLP
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Announcement date: | March 15
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Settlement date: | April 15
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Distribution: | Rule 144A and Regulation S
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Class A notes
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Amount: | €248.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 82 bps
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Rating: | Moody's: Aaa
|
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Class B-1 notes
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Amount: | €15 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 1.7%
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Rating: | Moody's: Aa2
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Class B-2 notes
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Amount: | €24.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 135 bps
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Rating: | Moody's: Aa2
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Class C notes
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Amount: | €28 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 210 bps
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Rating: | Moody's: A2
|
|
Class D notes
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Amount: | €23 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 320 bps
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Rating: | Moody's: Baa3
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Class E notes
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Amount: | €22 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 586 bps
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Rating: | Moody's: Ba3
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Class F notes
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Amount: | €12 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 806 bps
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Rating: | Moody's: B3
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Class M notes
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Amount: | €2 million
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Securities: | Class M notes
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Subordinated notes
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Amount: | €41.7 million
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Securities: | Subordinated notes
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