Chicago, March 1 – Oaktree Capital Management (Europe) LLP priced €372 million of refinancing notes from the Arbour CLO IV DAC collateralized loan obligation transaction, according to multiple notices.
The new notes with an extended maturity date of April 17, 2034 consist of €248 million of class A-R senior secured floating-rate notes at Euribor plus 79 basis points and €40 million of class B-R senior secured floating-rate notes at Euribor plus 130 bps.
Lower in the structure, there are €25 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 205 bps, €27 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 310 bps, €21 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 575 bps and €11 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 795 bps.
The class A-1, class A-2, class B, class C, class D, class E and class F notes from the supplemental trust deed dated June 6, 2019 will be redeemed on March 26 at par.
Subordinated notes in the amount of €43 million from the original transaction will remain outstanding.
In addition to the maturity date, the non-call period and the reinvestment period are also being extended.
Oaktree Capital Management will manage the CLO during the extended 4.25-year reinvestment period.
Collateral for the notes comes from senior secured obligations. Obligors are mostly domiciled in Western Europe.
The London-based asset manager is an affiliate of Los Angeles-based Oaktree Capital Management, LP.
| Issuer: | Arbour CLO IV DAC
|
| Amount: | €372 million
|
| Maturity: | April 17, 2034
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Oaktree Capital Management (Europe) LLP
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 26
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
|
| Amount: | €40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
|
| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 795 bps
|
| Rating: | Moody's: B3
|
|
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