BAML and Morgan Stanley to roadshow UK logistics CMBS

26 June 2018

Bank of America Merrill Lynch and Morgan Stanley are marketing a UK CMBS backed by last mile logistics properties, BAMS CMBS 2018-1, according to a source close to the situation. Investor calls will be available from Wednesday (27 June) until the end of the week and a site visit will take place on 3 July. The leads expect to price the deal the following week.

 

The GBP 299.5m CMBS offers 4.8-year notes with a five-year tail, rated from triple-A to BB (low)/BB- (DBRS/Fitch). The note-to-value ratio of the GBP 150.9m senior tranche is 34% and its initial debt yield is 18.8%. The mezzanine notes, rated from AA(I)/AA to BB(l)/BB have LTVs of 41.2%, 47.1%, 56.4%, 67.5%, and initial debt yields of 15.5%, 13.6%, 11.3%, 9.5%, respectively.

 

BAML and MS are performing risk retention via an issuer loan.

 
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