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

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