By Cristal Cody
Tupelo, Miss., Nov. 13 – 3i Debt Management U.S. LLC priced $411 million of notes due Jan. 17, 2027 in a collateralized loan obligation offering, according to a market source.
Jamestown CLO V Ltd./Jamestown CLO V Corp. sold $256 million of class A senior secured floating-rate notes at Libor plus 158 basis points; $28 million of class B-1 senior secured floating-rate notes at Libor plus 225 bps; $24 million of 4.39% class B-2 senior secured fixed-rate notes; $19 million of class C senior secured deferrable floating-rate notes at Libor plus 320 bps; $21 million of class D senior secured deferrable floating-rate notes at Libor plus 375 bps; $20 million of class E senior secured deferrable floating-rate notes at Libor plus 510 bps; $8 million of class F senior secured deferrable floating-rate notes at Libor plus 585 bps and $35 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
3i Debt Management will manage the CLO.
The transaction is collateralized primarily by first-lien senior secured loans.
The non-call period on the CLO is set to end Jan. 17, 2017. The reinvestment period ends Jan. 17, 2019.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.
3i Debt Management was in the primary market on May 28, 2014 with the $617.4 million Jamestown CLO IV Ltd./Jamestown CLO IV Corp. deal.
The firm, a subsidiary of London-based 3i Group plc, brought the $515.9 million Jamestown CLO III Ltd. transaction in 2013.
| Issuer: | Jamestown CLO V Ltd./Jamestown CLO V Corp.
|
| Amount: | $411 million
|
| Maturity: | Jan. 17, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | 3i Debt Management U.S. LLC
|
| Call feature: | Jan. 17, 2017
|
| Pricing date: | Nov. 10
|
| Settlement date: | Dec. 11
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.39%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | $35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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