London-based New Amsterdam Capital joined the growing list of first-time CLO managers earlier this month as it priced its 400 million Mercator CLO I through bookrunner Bear Stearns. The deal is collateralized by European senior secured leveraged loans and mezzanine debt, with about 80% of the collateral pool denominated in euros and the remaining 20% in pounds sterling, according to a news release
Pricing for the six-tranche transaction is as follows: The 276 million class A-1 notes priced at three-month Euribor plus 27 basis points; the 34 million class A-2 notes priced at Euribor plus 45 basis points; the 24 million class A-3 notes priced at Euribor plus 73 basis points; the 18 million class B-1 notes priced at Euribor plus 175 basis points; and the 22 million class B-2 notes priced at Euribor plus 500 basis points. The transaction also includes a tranche of 39 million class C subordinated notes. The Royal Bank of Scotland was the co-manager for the placement of the notes.