By Cristal Cody
Tupelo, Miss., Sept. 4 – Tikehau Capital Europe Ltd. sold €411.8 million of notes due Oct. 15, 2031 in the firm’s first euro-denominated collateralized loan obligation transaction of the year, according to a market source.
Tikehau CLO IV BV priced €1.5 million of class X senior secured floating-rate notes at Euribor plus 53 basis points; €231 million of class A-1 senior secured floating-rate notes at Euribor plus 90 bps; €15 million of 1.75% class A-2 senior secured fixed-rate notes; €7 million of class B-1 senior secured floating-rate notes at Euribor plus 165 bps; €15 million of 2.1% class B-2 senior secured fixed-rate notes and €22 million of class B-3 senior secured floating-rate notes at Euribor plus 192 bps.
The CLO also sold €7 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 215 bps and €19 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 242 bps.
In addition, Tikehau CLO IV priced €21 million of class D senior secured deferrable floating-rate notes at Euribor plus 330 bps, €23 million of class E senior secured deferrable floating-rate notes at Euribor plus 533 bps, €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 736 bps and €38.3 million of subordinated notes.
Merrill Lynch International arranged the offering that closed on Tuesday.
Tikehau Capital Europe is the CLO manager.
The notes are backed predominantly by euro-denominated senior secured obligations.
Tikehau has priced four CLOs to date, including one deal in 2017, one transaction in 2016 and one offering in 2015.
The investment firm is based in London.
| Issuer: | Tikehau CLO IV BV
|
| Amount: | €411.8 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Tikehau Capital Europe Ltd.
|
| Pricing date: | July 16
|
| Settlement date: | Sept. 4
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 53 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €231 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.75%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €22 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 192 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 242 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 533 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 736 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €38.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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