By Cristal Cody
Eureka Springs, Ark., Oct. 17 – Aegon USA Investment Management LLC priced $498.48 million of notes due Oct. 20, 2028 in the Cedar Funding VI CLO Ltd./Cedar Funding VI CLO LLC transaction, according to a market source.
The CLO sold $297.5 million of class A-1 senior secured floating-rate notes at Libor plus 147 basis points and $20 million of 2.8% class A-F senior secured fixed-rate notes.
Cedar Funding VI CLO priced $66.25 million of class B senior secured floating-rate notes at Libor plus 193 bps, $7.37 million of class C-1 secured deferrable floating-rate notes at Libor plus 240 bps and $23.88 million of 3.83% class C-F secured deferrable fixed-rate notes.
The CLO placed $19.25 million of class D-1 secured deferrable floating-rate notes at Libor plus 400 bps, $7 million of class D-2 secured deferrable floating-rate notes at Libor plus 475 bps and $19.38 million of class E secured deferrable floating-rate notes at Libor plus 775 bps.
All of the notes priced at par.
The deal also included $37.85 million of subordinated notes in the equity tranche.
Jefferies LLC arranged the transaction.
Aegon manages the CLO, which has a two-year non-call period.
The reinvestment period ends Feb. 9, 2021.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
Aegon has priced two new CLOs year to date.
The Cedar Rapids, Iowa-based firm, part of the Hague, Netherlands-based Aegon Group, previously tapped the CLO primary market in 2014.
| Issuer: | Cedar Funding VI CLO Ltd./Cedar Funding VI CLO LLC
|
| Amount: | $498.48 million
|
| Maturity: | Oct. 20, 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: | Oct. 20, 2018
|
| Pricing date: | Oct. 13
|
| Settlement date: | Nov. 9
|
|
|
| Class A-1 notes
|
| Amount: | $297.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-F notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.8%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $66.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 193 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $7.37 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class C-F notes
|
| Amount: | $23.88 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 3.83%
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $19.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Price: | Par
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.38 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Price: | Par
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $37.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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