By Cristal Cody
Tupelo, Miss., Oct. 29 – Five Arrows Managers LLP priced a new €412 million collateralized loan obligation offering of notes due 2031, according to a market source.
Contego CLO VI DAC sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €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 priced €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.
Merrill Lynch International was the placement agent.
Five Arrows will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The transaction is backed by senior secured obligations.
Five Arrows Managers is a London-based subsidiary of the Rothschild Group.
| Issuer: | Contego CLO VI BV
|
| Amount: | €412 million
|
| Maturity: | 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Five Arrows Managers LLP
|
| Call feature: | Two years
|
| Pricing date: | Oct. 22
|
| Settlement date: | Dec. 3
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.51%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €233 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.35%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €29.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 528 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 720 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €38.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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