Chicago, June 1 – Aegon USA Investment Management LLC $409.39 million of notes due July 15, 2033 in a broadly syndicated collateralized loan obligation transaction issued by Cedar Funding XIV CLO Ltd./Cedar Funding XIV CLO LLC, according to a pre-sale report.
The transaction includes $256 million of class A senior secured floating-rate notes at Libor plus 110 basis points, $48 million of class B senior secured floating-rate notes at Libor plus 160 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 185 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 325 bps, $14.6 million of class E senior secured deferrable floating-rate notes at Libor plus 634 bps and $42.79 million of subordinated notes.
J.P. Morgan Securities LLC is the placement agent.
Aegon USA will manage the collateral through the end of the reinvestment period on July 15, 2024.
The collateral pool is mostly speculative-grade senior secured term loans.
The notes can be called after June 9, 2022.
The Cedar Rapids, Iowa-based firm is part of The Hague, Netherlands-based Aegon Group.
| Issuers: | Cedar Funding XIV CLO Ltd./Cedar Funding XIV CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $409.39 million
|
| Maturity: | July 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Aegon USA Investment Management LLC
|
| Call feature: | June 9, 2022
|
| Settlement date: | June 9
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 634 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.79 million
|
| Securities: | Subordinated notes
|
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