By Cristal Cody
Tupelo, Miss., July 16 – Fair Oaks Capital Ltd. closed Tuesday on a new €332.6 million collateralized loan obligation offering of notes due July 15, 2030, according to a market source.
The Fair Oaks Loan Funding I DAC offering priced €2 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €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 X-D notes priced at par. The class E and class F notes priced at 99.5.
Deutsche Bank Securities Inc. was the placement agent.
Fair Oaks Capital will manage the CLO, which has a two-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured obligations.
The securities were admitted for trading Tuesday on the Euronext Dublin Global Exchange Market.
Fair Oaks Capital is a London-based alternative asset manager.
| Issuer: | Fair Oaks Loan Funding I DAC
|
| Amount: | €332.6 million
|
| Maturity: | July 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Fair Oaks Capital Ltd.
|
| Pricing date: | June 6
|
| Settlement date: | July 16
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €133.32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €68.18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €34.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €16.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 641 bps
|
| Price: | 99.5
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €7.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 890 bps
|
| Price: | 99.5
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €2 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Class M notes
|
| Amount: | €1 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €28 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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