By Cristal Cody
Tupelo, Miss., Sept. 26 – Chenavari Credit Partners LLP sold €372.95 million of notes in a refinancing and reset of the vintage 2016 Toro European CLO 2 DAC transaction, according to a market source and a notice to noteholders on Wednesday.
The CLO priced €2.5 million of class X floating-rate notes at Euribor plus 49 basis points; €248 million of class A-R floating-rate notes at Euribor plus 90 bps; €17.5 million of class B-1-R floating-rate notes at Euribor plus 165 bps; €17 million of 2.15% class B-2-R fixed-rate notes; €26.5 million of class C-R floating-rate notes at Euribor plus 250 bps; €27.4 million of class D-R floating-rate notes at Euribor plus 345 bps; €22.75 million of class E-R floating-rate notes at Euribor plus 560 bps and €11.5 million of class F-R floating-rate notes at Euribor plus 730 bps.
The class A through class E notes priced at par, while the class F tranche priced at 97.
Citigroup Global Markets Ltd. was the refinancing placement agent.
Chenavari Credit Partners will continue to manage the CLO.
The maturity on the notes was extended by two years to Oct. 15, 2030.
The CLO is non-callable until Oct. 15, 2019. The issue has a two-year reinvestment period.
In the original €362.8 million deal issued Sept. 28, 2016, the CLO sold €212.3 million of class A senior secured floating-rate notes at Euribor plus 126 bps; €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.
Proceeds will be used to redeem the original notes.
The notes are backed primarily by euro-denominated senior secured 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 refinancing
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Ltd.
|
| Manager: | Chenavari Credit Partners LLP
|
| Call feature: | Oct. 15, 2019
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 15
|
|
|
| Class X notes
|
| Amount: | €2.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 49 bps
|
| Price: | Par
|
| Rating: | Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Price: | Par
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Price: | Par
|
| Rating: | Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €17 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Price: | Par
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €26.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Price: | Par
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €27.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 345 bps
|
| Price: | Par
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €22.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Price: | Par
|
| Rating: | Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €11.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 730 bps
|
| Price: | 97
|
| Rating: | Fitch: B-
|
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