Chicago, June 14 – Fair Oaks Capital Ltd. refinanced the Fair Oaks Loan Funding II DAC transaction for €325.6 million, according to a notice.
The maturity date has been extended to April 17, 2034 as part of the refinancing.
The portfolio will now include €1 million of class X-R senior secured floating-rate notes at Euribor plus 30 basis points, €213.5 million of class A-R senior secured floating-rate notes at Euribor plus 88 bps and €37.6 million of class B-R senior secured floating-rate notes at Euribor plus 150 bps.
Lower, there are €21 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 200 bps, €24.5 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 305 bps, €19.3 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 591 bps and €8.7 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 830 bps.
The CLO originally had €1 million of class X floating-rate notes at Euribor plus 70 basis points, €142.8 million of class A floating-rate notes at Euribor plus 190 bps, €18.4 million of class B-1 floating-rate notes at Euribor plus 280 bps and €10 million of 3.15% class B-2 fixed-rate notes.
The CLO sold €17.4 million of class C floating-rate notes at Euribor plus 345 bps, €14.6 million of class D floating-rate notes at Euribor plus 505 bps and €9.7 million of class E floating-rate notes at Euribor plus 750 bps.
The deal included €2 million of class Z notes, €1 million of class M notes and €47 million of subordinated notes.
The CLO was originally issued in May 2020.
The non-call period will end Nov. 15, 2022.
The deal is backed primarily by broadly syndicated senior secured obligations.
Fair Oaks will continue to manage the collateral through the remaining 4.2-year reinvestment period that ends Oct. 15, 2025.
Barclays is the initial purchaser of the refinancing notes.
Fair Oaks Capital is a London-based alternative asset manager.
| Issuer: | Fair Oaks Loan Funding II DAC
|
| Issue: | Floating-rate notes
|
| Amount: | €325.6 million
|
| Maturity: | April 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Fair Oaks Capital Ltd.
|
| Call feature: | Nov. 15, 2022
|
| Pricing date: | May 21
|
| Settlement date: | June 11
|
|
|
| Class X-R notes
|
| Amount: | €1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | €213.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 88 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
|
| Amount: | €37.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €19.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 591 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
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| Amount: | €8.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 830 bps
|
| Rating: | Moody's: B3
|
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