Chicago, April 14 – Aegon USA Investment Management LLC conducted a second refinancing for $503 million on the broadly syndicated collateralized loan obligation that lists Cedar Funding VI CLO Ltd./Cedar Funding VI CLO LLC as co-issuers, according to a pre-sale report.
The CLO now includes $320 million of class A-RR senior secured floating-rate notes at Libor plus 105 basis points, $55 million of class B-RR senior secured floating-rate notes at Libor plus 140 bps, $29.5 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 185 bps, $29.5 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 331 bps and $19.875 million of class E-RR senior secured deferrable floating-rate notes at Libor plus 672 bps.
There are also $49.125 million of subordinated notes.
Jefferies LLC is the initial purchaser.
Aegon USA Investment will mange the collateral through the end of the reinvestment period on April 20, 2026.
The notes have an extended maturity date of April 20, 2034, from Oct. 20, 2028.
There is extended call protection through April 20, 2023.
At the last refinancing, there were $320 million of class A senior secured floating-rate notes at Libor plus 109 bps at the top of the stack. The original class A tranche priced at Libor plus 147 bps.
The CLO also previously repriced $65 million of class B senior secured floating-rate notes at Libor plus 160 bps; $27.5 million of class C secured deferrable floating-rate notes at Libor plus 210 bps; $27.5 million of class D senior deferrable floating-rate notes at Libor plus 300 bps; $20.625 million of class E senior deferrable floating-rate notes at Libor plus 590 bps and $37.85 million of subordinated notes in the equity tranche.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
| Issuers: | Cedar Funding VI CLO Ltd./Cedar Funding VI CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $503 million
|
| Maturity: | April 20, 2034
|
| Agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call: | April 20, 2023
|
| Announcement date: | April 13
|
| Settlement date: | April 20
|
|
|
| Class A-RR notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $29.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $29.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 331 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $19.875 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 672 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.125 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
