Chicago, May 17 – Cross Ocean Adviser LLP sold €299.28 million in a collateralized loan obligation issued by Bosphorus CLO VIII DAC, according to an offering document.
The notes will mature on April 15, 2037.
The CLO consists of €183 million of class A secured floating-rate notes at Euribor plus 180 basis points, €30 million of class B secured floating-rate notes at Euribor plus 315 bps, €19.125 million of class C secured deferrable floating-rate notes at Euribor plus 440 bps, €17.25 million of class D secured deferrable floating-rate notes at Euribor plus 60 bps, €17.625 million of class E secured deferrable floating-rate notes at Euribor plus 761 bps, €6 million of class F secured deferrable floating-rate notes at Euribor plus 1,032 bps and €26.28 million of subordinated notes.
Cross Ocean Adviser LLP will manage the collateral through the end of the reinvestment period in October 2027.
Collateral for the notes consists of senior secured obligations including senior, second-lien loans and high-yield bonds.
The notes can be called starting March 29, 2025.
Deutsche Bank AG was the placement agent.
The London-based CLO manager Cross Ocean Europe acquired the Bosphorus CLO platform from Commerzbank in December 2021.
| Issuer: | Bosphorus CLO VIII DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €299.28 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG
|
| Manager: | Cross Ocean Adviser LLP
|
| Call feature: | March 29, 2025
|
| Pricing date: | March 28
|
| Settlement date: | March 29
|
|
|
| Class A notes
|
| Amount: | €183 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €30 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €19.125 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 440 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 60 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €17.625 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 761 bps
|
| Price: | 92
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 1032 bps
|
| Price: | 89.01
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €26.28 million
|
| Securities: | Subordinated notes
|
| Price: | 87.97
|
|
|
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