By Cristal Cody
Tupelo, Miss., Sept. 21 – Fair Oaks Capital Ltd. priced a €354.1 million euro-denominated broadly syndicated collateralized loan obligation offering, according to a market source.
In the Fair Oaks Loan Funding III DAC offering, the CLO sold €2 million of class X senior secured floating-rate notes at Euribor plus 70 basis points, €213.5 million of class A senior secured floating-rate notes at Euribor plus 125 bps and €28 million of class B senior secured floating-rate notes at Euribor plus 185 bps.
The CLO priced €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 270 bps, €23.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps, €25.4 million of class E senior secured deferrable floating-rate notes at Euribor plus 582 bps and €2.6 million of class F senior secured deferrable floating-rate notes at Euribor plus 751 bps.
The transaction included €1 million of class M notes, €2 million of class Z notes and €35 million of subordinated notes.
Barclays was the placement agent.
Fair Oaks Capital will manage the CLO, which has a three-year reinvestment period.
The notes are due Oct. 17, 2033.
The CLO is backed primarily by broadly syndicated senior secured obligations.
Fair Oaks Capital has priced two new CLOs year to date.
The alternative asset manager is based in London.
| Issuer: | Fair Oaks Loan Funding III DAC
|
| Amount: | €354.1 million
|
| Maturity: | Oct. 17, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Fair Oaks Capital Ltd.
|
| Settlement date: | Oct. 30
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 70 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A notes
|
| Amount: | €213.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | €28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | €25.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 582 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | €2.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 751 bps
|
| Ratings: | Moody’s: B3
|
|
|
| Class M notes
|
| Amount: | €1 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Class Z notes
|
| Amount: | €2 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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