Alcentra is marketing its 413.5 Million European collateralized loan obligation backed by a revolving pool consisting primarily of broadly syndicated senior secured loans and bonds
The deal, Jubilee CLO 2014-XI B.V., will issue a $227 million senior tranche with preliminary AAA’ ratings from Standard & Poor’s. This tranche is being marketed at the three-month Euribor plus 140 basis points.
The deal is expected to close Feb. 27
Non-call period ends April 2016; reinvestment period ends April 2018.
Merrill Lynch International is the arranger.
According to the S&P presale report, 61% of the collateral is identified. The ratings agency noted that 80.00% of the portfolio will enter the ramp-up period at closing.
At closing, the collateral manager will have a six-month ramp-up period to meet the target collateral balance of 400.0 million.
The portfolio manager can purchase non-euro-denominated obligations,subject to an asset swap, up to a maximum of 30% non-euro-denominated obligations and 15% of U.S. dollar-denominated obligations