By Cristal Cody
Eureka Springs, Ark., May 5 – Aegon USA Investment Management LLC sold $397.15 million of notes due July 17, 2028 in a new collateralized loan obligation deal, according to a market source.
The Cedar Funding V CLO Ltd./Cedar Funding V CLO LLC vehicle priced $222.42 million of class A-1 floating-rate notes at Libor plus 161 basis points and $31.58 million of 3% class A-2 fixed-rate notes.
The CLO sold $31,579,000 of class B-1 floating-rate notes at Libor plus 235 bps and $21,421,000 of 3.9% class B-F fixed-rate notes.
Cedar Funding V CLO also sold $25 million of class C deferrable floating-rate notes at Libor plus 310 bps, $21 million of class D deferrable floating-rate notes at Libor plus 465 bps, $15.5 million of class E deferrable floating-rate notes at Libor plus 770 bps and $28.65 million of subordinated notes.
Jefferies LLC arranged the offering.
Aegon will manage the CLO.
The CLO is non-callable until July 17, 2018. The reinvestment period ends July 17, 2020.
The deal is backed primarily by broadly syndicated senior secured loans.
Cedar Rapids, Iowa-based Aegon USA Investment Management, part of the Hague, Netherlands-based Aegon Group, was last in the CLO primary market in 2014.
| Issuer: | Cedar Funding V CLO Ltd./Cedar Funding V CLO LLC
|
| Amount: | $397.15 million
|
| Maturity: | July 17, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | July 17, 2018
|
| Pricing date: | May 5
|
| Settlement date: | June 15
|
|
|
| Class A-1 notes
|
| Amount: | $222.42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 161 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $31.58 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $31,579,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-F notes
|
| Amount: | $21,421,000
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.9%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $28.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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