By Cristal Cody
Eureka Springs, Ark., March 23 – Five Arrows Managers LLP priced a €307.8 million collateralized loan obligation offering of notes due April 30, 2030, according to a market source on Wednesday.
Contego CLO III BV sold €178.5 million of class A senior secured floating-rate notes at Euribor plus 153 basis points in the senior tranche.
The CLO also priced €38.5 million of class B senior secured floating-rate notes at Euribor plus 220 bps; €17.25 million of class C senior secured deferrable floating-rate notes at Euribor plus 335 bps; €14.75 million of class D senior secured deferrable floating-rate notes at Euribor plus 465 bps; €18.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 670 bps and €40.3 million of subordinated notes.
Deutsche Bank AG, London Branch arranged the deal.
Five Arrows will manage the CLO.
The transaction is backed by senior secured obligations.
Proceeds from the offering will be used to purchase a €300 million portfolio of mostly European leveraged loans and bonds.
Five Arrows Managers is a London-based subsidiary of the Rothschild Group.
| Issuer: | Contego CLO III BV
|
| Amount: | €307.8 million
|
| Maturity: | April 30, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Five Arrows Managers LLP
|
| Pricing date: | March 23
|
| Settlement date: | April 22
|
| Distribution: | Private placement
|
|
|
| Class A notes
|
| Amount: | €178.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 153 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €38.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €17.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €14.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 465 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €18.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 670 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Equity
|
| Amount: | €40.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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