By Cristal Cody
Tupelo, Miss., Dec. 2 – NIBC Bank NV priced €410 million of notes due July 5, 2033 in a new euro-denominated broadly syndicated collateralized loan obligation transaction, according to a market source.
North Westerly CLO VI BV sold €250 million of class A floating-rate notes (AAA/AAA) at Euribor plus 97 basis points, €25 million of class B-1 floating-rate notes (AA/AA) at Euribor plus 175 bps and €15 million of 2.2% class B-2 fixed-rate notes (AA/AA).
The CLO also priced €28 million of class C floating-rate notes (A/A) at Euribor plus 285 bps; €20 million of class D floating-rate notes (BBB/BBB) at Euribor plus 410 bps; €24 million of class E floating-rate notes (BB/BB-) at Euribor plus 722 bps; €10 million of class F floating-rate notes (B-/B-) at Euribor plus 965 bps and €38 million of subordinated notes.
MUFG was the placement agent.
The notes have a 2.5-year non-call period and a five-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated senior secured loans and bonds.
NIBC Bank is based in the Hague, the Netherlands.
| Issuer: | North Westerly CLO VI BV
|
| Amount: | €410 million
|
| Maturity: | July 5, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | NIBC Bank NV
|
| Call feature: | 2.5 years
|
| Pricing date: | Nov. 20
|
| Settlement date: | Jan. 8
|
|
|
| Class A notes
|
| Amount: | €250 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 97 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.2%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 285 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 410 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 722 bps
|
| Ratings: | S&P: BB
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 965 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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