By Cristal Cody
Tupelo, Miss., May 20 – Fair Oaks Capital Ltd. priced €263.9 million of notes due July 15, 2031 in a new collateralized loan obligation offering, according to market sources.
Fair Oaks Loan Funding II DAC sold €1 million of class X floating-rate notes at Euribor plus 70 basis points, €142.8 million of class A floating-rate notes at Euribor plus 190 bps, €18.4 million of class B-1 floating-rate notes at Euribor plus 280 bps and €10 million of 3.15% class B-2 fixed-rate notes.
The CLO sold €17.4 million of class C floating-rate notes at Euribor plus 345 bps, €14.6 million of class D floating-rate notes at Euribor plus 505 bps and €9.7 million of class E floating-rate notes at Euribor plus 750 bps.
The deal included €2 million of class Z notes, €1 million of class M notes and €47 million of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
Fair Oaks Capital will manage the CLO, which has a one-year non-call period and a one-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured obligations.
Fair Oaks Capital is a London-based alternative asset manager.
| Issuer: | Fair Oaks Loan Funding II DAC
|
| Amount: | €263.9 million
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Fair Oaks Capital Ltd.
|
| Call feature: | One year
|
| Pricing date: | May 14
|
|
|
| Class X notes
|
| Amount: | €1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 70 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €142.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €18.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.15%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €17.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 345 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €14.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 505 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €9.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class Z notes
|
| Amount: | €2 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Class M notes
|
| Amount: | €1 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €47 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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