Chicago, June 21 – Funding Circle Ltd. sold £243.768 million in a collateralized loan obligation being issued by Small Business Origination Loan Trust 2023-1 DAC, according to a presale report.
The notes will mature on Dec. 15, 2034.
The CLO consists of £145.647 million of class A floating-rate notes, £21.489 million of class B interest deferrable floating-rate notes, £20.295 million of class C interest deferrable floating-rate notes, £10.744 million of class D interest deferrable floating-rate notes, £28.652 million of class E floating-rate notes, £11.941 million of class Z 13% fixed-rate notes and £5 million of class R floating-rate notes.
Collateral for the notes consists of amortizing loans granted to small and midsize enterprises.
BNP Paribas SA and Standard Chartered Bank were the placement agents.
Funding Circle is a London-based peer-to-peer lending marketplace for investors and small and medium-sized businesses.
| Issuer: | Small Business Origination Loan Trust 2023-1 DAC
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | £243.768 million
|
| Maturity: | Dec. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agents: | BNP Paribas SA and Standard Chartered Bank
|
| Manager: | Funding Circle Ltd.
|
| Settlement date: | June 7
|
|
|
| Class A notes
|
| Amount: | £145.647 million
|
| Securities: | Floating-rate notes
|
| Rating: | S&P: AA+
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | £21.489 million
|
| Securities: | Interest deferrable floating-rate notes
|
| Rating: | S&P: AA-
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | £20.295 million
|
| Securities: | Interest deferrable floating-rate notes
|
| Rating: | S&P: A
|
| Fitch: BBB+
|
|
|
| Class D notes
|
| Amount: | £10.744 million
|
| Securities: | Interest deferrable floating-rate notes
|
| Rating: | S&P: BBB+
|
| Fitch: BB+
|
|
|
| Class E notes
|
| Amount: | £28.652 million
|
| Securities: | Floating-rate notes
|
|
|
| Class Z notes
|
| Amount: | £11.941 million
|
| Securities: | Floating-rate notes
|
| Coupon: | 13%
|
|
|
| Class R notes
|
| Amount: | £5 million
|
| Securities: | Floating-rate notes
|
|
|
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