By Rebecca Melvin
New York, Oct. 11 – Aegon USA Investment Management LLC priced $498.48 million of notes due Oct. 20, 2028 in a refinancing of a CLO, according to a market source.
The Cedar Funding VI CLO Ltd./Cedar Funding VI CLO LLC transaction includes $320 million of class A senior secured floating-rate notes at Libor plus 109 basis points at the top of the stack. The original class A tranche priced at Libor plus 147 bps.
The CLO also 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 deal represents a refinancing of a CLO originally priced in November 2016.
Jefferies LLC arranged the transaction and Aegon manages the CLO, which has a non-call period that ends Oct. 20, 2019.
The reinvestment period ends Feb. 10, 2021.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
| Issuer: | Cedar Funding VI CLO Ltd./Cedar Funding VI CLO LLC
|
| Amount: | $498.48 million
|
| Maturity: | Oct. 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | Oct. 20, 2019
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 22
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $27.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $20.625 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $37.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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