Chicago, Feb. 14 – Fair Oaks Capital Ltd. sold €407 million in a collateralized loan obligation issued by Fair Oaks Loan Funding IV DAC, according to a document.
The notes will mature on Jan. 15, 2035.
The CLO consists of €2 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €250 million of class A senior secured floating-rate notes at Euribor plus 97 bps, €41 million of class B senior secured floating-rate notes at Euribor plus 178 bps, €23 million of class C senior secured deferrable floating-rate notes at Euribor plus 235 bps, €29 million of class D senior secured deferrable floating-rate notes at Euribor plus 350 bps, €21 million of class E senior secured deferrable floating-rate notes at Euribor plus 646 bps, €10 million of class F senior secured deferrable floating-rate notes at Euribor plus 925 bps, €1 million of class M notes, €2 million of class Z notes and €28 million of subordinated notes.
Fair Oaks Capital Ltd. will manage the collateral through the end of the reinvestment period on July 15, 2026.
Backing the notes will be a portfolio of senior loans, senior secured bonds, mezzanine obligations and high-yield bonds.
The notes can be called starting July 15, 2023.
Barclays was the placement agent.
The alternative asset manager is based in London.
| Issuer: | Fair Oaks Loan Funding IV DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €407 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Fair Oaks Capital Ltd.
|
| Call feature: | July 15, 2023
|
| Settlement date: | Jan. 20
|
| Reinvestment period: | July 15, 2026
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: | AAA
|
|
|
| Class A notes
|
| Amount: | €250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 97 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: | AAA
|
|
|
| Class B notes
|
| Amount: | €41 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 178 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: | AA
|
|
|
| Class C notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Rating: | Moody's: A2
|
| Fitch: | A
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: | BBB-
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 646 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: | BB-
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 925 bps
|
| Rating: | Moody's: B3
|
| Fitch: | B-
|
|
|
| Class M notes
|
| Amount: | €1 million
|
| Securities: | Senior Deferrable floating-rate notes
|
| Coupon: | Euribor plus bps
|
|
|
| Class Z notes
|
| Amount: | €2 million
|
| Securities: | Senior Deferrable floating-rate notes
|
| Coupon: | Euribor plus bps
|
|
|
| Subordinated notes
|
| Amount: | €28 million
|
| Securities: | Subordinated notes
|
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