Chicago, Sept. 11 – Spire Management Ltd. priced €416 million of notes due March 23, 2032 in the Aurium CLO I DAC transaction, a second refinancing of the vintage 2015 Aurium CLO I Ltd. deal, according to an offering circular.
The deal is subject to and conditional on the passage of an extraordinary resolution.
Spire Management Ltd. will continue to manage the CLO.
In this second refinancing, the issuer expects to sell €249 million class A-R senior secured floating-rate notes at Euribor plus 105 basis points; €41 million class B-R senior secured floating-rate notes at Euribor plus 175 bps; €24 million class C-R senior secured floating-rate notes at Euribor plus 230 bps; €26 million class D-R senior secured floating-rate notes at Euribor plus 390 bps; €22 million class E-R Senior secured floating-rate notes at Euribor plus 607 bps; €12 million class F-R senior secured floating-rate notes at Euribor plus 897 bps and €42 million subordinated notes.
In the first refinancing on April 26, 2017, Aurium sold €179.5 million of class A-R senior secured floating-rate notes at Euribor plus 80 bps, €33.5 million of class B-R senior secured floating-rate notes at Euribor plus 140 bps, €18 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 180 bps and €15.5 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 280 bps.
In the original Aurium CLO I transaction priced on March 3, 2015, the CLO sold €179.5 million of class A senior secured floating-rate notes at Euribor plus 130 bps; €33.5 million of class B senior secured floating-rate notes at Euribor plus 215 bps; €18 million of class C senior secured deferrable floating-rate notes at Euribor plus 300 bps; €15.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 365 bps; €21 million of class E senior secured deferrable floating-rate notes at Euribor plus 540 bps; €10.75 million of class F senior secured deferrable floating-rate notes at Euribor plus 665 bps and €30.52 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The notes are subject to a non-call period ending Sept. 23, 2021.
The CLO is backed primarily by senior secured loans or senior secured bonds.
Spire Partners is a fund management firm based in London.
| Issuer: | Aurium CLO I DAC
|
| Amount: | €416 million second refinancing
|
| Maturity: | March 23, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | Spire Management Ltd.
|
| Arranger: | Barclays Bank plc
|
| Non-call period: | Two years
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 23
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | €249 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | €41 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D-R notes
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| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 390 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 607 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 897 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €42 million
|
| Securities: | Subordinated notes
|
| Ratings: | Not rated
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