CLO NEWSLETTER - Sutherland Global Services

More documents

Recommendations

Info

Omers Private equity lines up financing for Civica buyout May 08, 2013; Source: LeveragedLoan.com; By: David Cox/Sarah Husband Omers Private Equity has agreed to buy Civica, the British provider of computer software to the public sector, from 3i for £390 million. The agreement comes after a keenly fought auction that saw the Canadian buyer win out against final rival bids from Cinven and Vista. To support the bid Omers has mandated Bank of Ireland, Credit Agricole CIB, GE Capital, and ING to arrange an all senior loan financing, market sources said. Nomura, Weil and Wyvern Partners advised Omers. For more: Click here 2007 US CLO hits EoD on its redemption date May 07, 2013; Source: Creditflux.com When equity investors in Integral Funding, a 2007 CLO, pushed the call button on the deal they probably envisaged the procedure to be straightforward and above all, uneventful. That was not to be as the CLO last month became the first to suffer an event of default for a failed optional redemption. Moody’s analyses the transaction in the latest edition of its CLO Interest. It states that the CLO failed to pay back class D note holders in full on the redemption date, which the issuer has blamed on delays in the settlement of collateral sales. For more: Click here 1 month after IPO SeaWorld readies $1.4B leveraged loan May 6, 2013; Source: LeveragedLoan.com Bank of America Merrill Lynch, Goldman Sachs, J.P. Morgan, Barclays, Citi, Wells Fargo, and Macquarie are coming to market with a $1.405 billion B term loan for SeaWorld Parks & Entertainment, sources said. For more: Click here Markit Launches CLO Pricing Service May 02, 2013; Source: Markit Markit, a leading, global financial information services company, today announced the launch of a new service for the pricing of collateralised loan obligation (CLO) tranches. Markit’s new service covers more than 5,000 investment grade tranches of US and European CLOs and was launched in response to demand from customers for a high quality, independent data source for CLO pricing For more: Click here Ancestry.com preps refinancing of leveraged loan backing 2012 LBO May 02, 2013; Source: LeveragedLoan.com; By: Kerry Kantin Morgan Stanley has scheduled a lender call for 10:00 a.m. EDT tomorrow, May 3, to launch a repricing and refinancing Ancestry.com’s 2012-vintage LBO loan, according to sources. The issuer is seeking to carve out a $200 million, five-year amortizing B-2 term loan from the $670 million B covenant-lite term loan maturing in December 2018, while also seeking to reprice the balance of the loan outstanding following a $30 million paydown using cash from the balance sheet, sources said. For more: Click here 8
Ratings Moody's assigns a rating to one class of notes issued by Palmer Square CLO 2013-1, Ltd. May 17, 2013; Source: Moody’s Moody's Investors Service announced that it has assigned the following rating to notes issued by Palmer Square CLO 2013-1, Ltd. (the "Issuer" or "Palmer Square CLO"): U.S. $212,800,000 Class A-1 Senior Secured Floating Rate Notes due 2025 (the "Class A-1 Notes"), Assigned Aaa (sf) RATINGS RATIONALE Moody's rating of the Class A-1 Notes addresses the expected loss posed to note holders. The rating reflects the risks due to defaults on the underlying portfolio of loans, the transaction's legal structure, and the characteristics of the underlying assets. For more: Click here Moody's assigns a rating to one class of notes issued by OHA Credit Partners VIII, Ltd. May 15, 2013; Source: Moody’s New York, May 15, 2013 -- Moody's Investors Service announced that it has assigned the following rating to notes issued by OHA Credit Partners VIII, Ltd. (the "Issuer" or "OHA VIII"): U.S. $244,000,000 Class A Senior Secured Floating Rate Notes due 2025 (the "Class A Notes"), Definitive Rating Assigned Aaa (sf) RATINGS RATIONALE Moody's rating of the Class A Notes addresses the expected losses posed to noteholders. The rating reflects the risks due to defaults on the underlying portfolio of loans, the transaction's legal structure, and the characteristics of the underlying assets. For more: Click here Moody's assigns a provisional rating to one class of notes to be issued by Octagon Investment Partners XVI, Ltd. May 15, 2013; Source: Moody’s Moody's Investors Service announced that it has assigned the following provisional rating to notes to be issued by Octagon Investment Partners XVI, Ltd. (the "Issuer" or "Octagon XVI"): U.S. $298,500,000 Class A Senior Secured Floating Rate Notes due July 2025 (the "Class A Notes"), Assigned (P)Aaa (sf) Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of a transaction and associated documentation, Moody's will endeavor to assign definitive ratings. A definitive rating (if any) may differ from a provisional rating. For more: Click here Moody's assigns rating to the senior class of notes issued by ALME Loan Funding 2013-1, Ltd. May 15, 2013; Source: Moody’s Moody's Investors Service announced that it has assigned the following rating to notes issued by ALME Loan Funding 2013-1, Ltd.: Issuer: Alme Loan Funding 2013-1 Limited EUR195,000,000 Class A-1 Senior Secured Floating Rate Notes due 2025, Definitive Rating Assigned Aaa (sf) Additional classes of notes which are not rated by Moody's will also be issued as part of the transaction. For more: Click here 9
Page 1 and 2: CLO NEWSLETTER Trends Europe CLO De
Page 3 and 4: Broad-Based appeal: BB loan, bond s
Page 5 and 6: CLO equity investors drop their IRR
Page 7: Goldentree Returns To Europe With
Page 11 and 12: Cantor Fitzgerald Expands CLO and S

CLO NEWSLETTER - Sutherland Global Services

Create successful ePaper yourself

Delete template?

Save as template?