By Cristal Cody
Eureka Springs, Ark., May 5 – Aegon USA Investment Management LLC sold $397.15 million of notes due July 17, 2028 in a new collateralized loan obligation deal, according to a market source.
The Cedar Funding V CLO Ltd./Cedar Funding V CLO LLC vehicle priced $222.42 million of class A-1 floating-rate notes at Libor plus 161 basis points and $31.58 million of 3% class A-2 fixed-rate notes.
The CLO sold $31,579,000 of class B-1 floating-rate notes at Libor plus 235 bps and $21,421,000 of 3.9% class B-F fixed-rate notes.
Cedar Funding V CLO also sold $25 million of class C deferrable floating-rate notes at Libor plus 310 bps, $21 million of class D deferrable floating-rate notes at Libor plus 465 bps, $15.5 million of class E deferrable floating-rate notes at Libor plus 770 bps and $28.65 million of subordinated notes.
Jefferies LLC arranged the offering.
Aegon will manage the CLO.
The CLO is non-callable until July 17, 2018. The reinvestment period ends July 17, 2020.
The deal is backed primarily by broadly syndicated senior secured loans.
Cedar Rapids, Iowa-based Aegon USA Investment Management, part of the Hague, Netherlands-based Aegon Group, was last in the CLO primary market in 2014.
Issuer: | Cedar Funding V CLO Ltd./Cedar Funding V CLO LLC
|
Amount: | $397.15 million
|
Maturity: | July 17, 2028
|
Securities: | Fixed-rate, floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | Jefferies LLC
|
Manager: | Aegon USA Investment Management LLC
|
Call feature: | July 17, 2018
|
Pricing date: | May 5
|
Settlement date: | June 15
|
|
Class A-1 notes
|
Amount: | $222.42 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 161 bps
|
Rating: | S&P: AAA
|
|
Class A-2 notes
|
Amount: | $31.58 million
|
Securities: | Fixed-rate notes
|
Coupon: | 3%
|
Rating: | S&P: AAA
|
|
Class B-1 notes
|
Amount: | $31,579,000
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 235 bps
|
Rating: | S&P: AA
|
|
Class B-F notes
|
Amount: | $21,421,000
|
Securities: | Fixed-rate notes
|
Coupon: | 3.9%
|
Rating: | S&P: AA
|
|
Class C notes
|
Amount: | $25 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 310 bps
|
Rating: | S&P: A
|
|
Class D notes
|
Amount: | $21 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 465 bps
|
Rating: | S&P: BBB-
|
|
Class E notes
|
Amount: | $15.5 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 770 bps
|
Rating: | S&P: BB-
|
|
Equity
|
Amount: | $28.65 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.