By Cristal Cody
Eureka Springs, Ark., Aug. 12 – Chenavari Credit Partners LLP sold €362.8 million of notes due 2028 in the Toro European CLO 2 DAC transaction, according to a market source on Friday.
The CLO priced €212.3 million of class A senior secured floating-rate notes at Euribor plus 126 basis points; €39.7 million of class B senior secured floating-rate notes at Euribor plus 205 bps; €18.7 million of class C secured deferrable floating-rate notes at Euribor plus 300 bps; €17.5 million of class D secured deferrable floating-rate notes at Euribor plus 420 bps; €24.5 million of class E secured deferrable floating-rate notes at Euribor plus 675 bps; €10.5 million of class F secured deferrable floating-rate notes at Euribor plus 800 bps and €39.6 million of subordinated notes.
Citigroup Global Markets Ltd. arranged the offering.
Chenavari Credit Partners will manage the CLO.
The notes are backed primarily by euro-denominated senior secured loans and bonds.
Proceeds will be used to purchase a €350 million portfolio of mostly European leveraged loans and bonds.
Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.
| Issuer: | Toro European CLO 2 DAC
|
| Amount: | €362.8 million
|
| Maturity: | 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Chenavari Credit Partners LLP
|
| Pricing date: | Aug. 12
|
| Settlement date: | Sept. 28
|
|
|
| Class A notes
|
| Amount: | €212.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 126 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €39.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €18.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 420 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €24.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 675 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 800 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €39.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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