Chicago, May 18 – Fair Oaks Capital Ltd. refinanced all of the rated notes from the collateralized loan obligation issued by Fair Oaks Loan Funding I DAC in July 2019, according to a notice.
The €328.2 million of notes are now due April 17, 2034.
The portfolio now has €2 million of class X senior secured floating-rate notes at Euribor plus 30 basis points, €217 million of class A senior secured floating-rate notes at Euribor plus 85 bps and €35 million of class B senior secured floating-rate notes at Euribor plus 165 bps.
In the deferrable classes, there are €24.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 240 bps, €21 million of class D senior secured deferrable floating-rate notes at Euribor plus 340 bps, €18.2 million of class E senior secured deferrable floating-rate notes at Euribor plus 609 bps and €10.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 870 bps.
The original transaction had €2 million of class X senior secured floating-rate notes at Euribor plus 45 bps, €133.32 million of class A-1 senior secured floating-rate notes at Euribor plus 96 bps, €68.18 million of class A-2 senior secured floating-rate note at Euribor plus 98 bps and €34.1 million of class B senior secured floating-rate notes at Libor plus 185 bps.
The CLO sold €19 million of class C senior secured deferrable floating-rate notes at Euribor plus 260 bps, €21.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 375 bps, €16.3 million of class E senior secured deferrable floating-rate notes at Euribor plus 641 bps and $7.1 million of class F senior secured deferrable floating-rate notes at Euribor plus 890 bps.
The deal included €2 million of class Z notes, €1 million of class M notes and €28 million of subordinated notes.
The class M notes and the subordinated notes are still outstanding. There are €300,000 of the class Z notes outstanding.
Fair Oaks Capital will select the collateral through the 4.2-year reinvestment period.
Collateral will come from senior secured obligations.
Fair Oaks Capital is a London-based alternative asset manager.
| Issuer: | Fair Oaks Loan Funding I DAC
|
| Issue: | Floating-rate notes
|
| Amount: | €328.2 million
|
| Maturity: | April 15, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | Fair Oaks Capital Ltd.
|
| Settlement date: | May 12
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A notes
|
| Amount: | €217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | €35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €18.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 609 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 870 bps
|
| Rating: | Moody's: B3
|
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