Chicago, Feb. 3 – Napier Park Global Capital Ltd. reset for €406.2 million a collateralized loan obligation issued by Henley CLO III DAC, according to a supplemental indenture and multiple notices.
The notes will mature on Dec. 25, 2035.
The reset CLO consists of €236 million of class A-R senior secured floating-rate notes at Euribor plus 97 basis points, €34 million of class B-1-R senior secured floating-rate notes at Euribor plus 175 bps, €14 million of class B-2-R 2.05% senior secured fixed-rate notes, €28 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 230 bps, €29 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 330 bps, €20.6 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 629 bps, €11.4 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 902 bps and €33.2 million of subordinated notes.
The original September 2020 transaction had €206.5 million of class A floating-rate notes at Euribor plus 110 bps, €16 million of class B-1 floating-rate notes at Euribor plus 190 bps and €17 million of 2.1% class B-2 fixed-rate notes.
The CLO sold €24 million of class C floating-rate notes at Euribor plus 290 bps; €22 million of class D floating-rate notes at Euribor plus 425 bps; €26 million of class E floating-rate notes at Euribor plus 659 bps; $8.3 million of class F floating-rate notes at Euribor plus 802 bps and €33.2 million of subordinated notes.
Napier Park Global Capital Ltd. will manage the collateral through the end of the reinvestment period on Dec. 15, 2026.
Collateral for the notes is in the form of senior, mezzanine, second-lien loans, first-lien, last-out loans and high-yield bonds.
The notes can be called starting Dec. 15, 2023.
GreensLedge Capital Markets Europe LLP and NatWest Markets plc were the placement agents.
Napier Park Global Capital is an asset management firm based in New York.
| Issuer: | Henley CLO III DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €406.2 million
|
| Maturity: | Dec. 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets Europe LLP and NatWest Markets plc
|
| Manager: | Napier Park Global Capital Ltd.
|
| Call feature: | Dec. 15, 2023
|
| Settlement date: | Dec. 14
|
|
|
| Class A-R notes
|
| Amount: | €236 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 97 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €34 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Price: | Par
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €20.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 629 bps
|
| Price: | 98.5
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €11.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 902 bps
|
| Price: | 95
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €33.2 million
|
| Securities: | Subordinated notes
|
| Price: | Par
|
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