Arrowpoint Asset Management coordinates $419 million Arrowpoint CLO 2014-2 deal

By Cristal Cody

Tupelo, Miss., Jan. 28 - Arrowpoint Asset Management LLC plans to price $419 million of notes due March 2026 in a new collateralized loan obligation offering, according to a market source.

The Arrowpoint CLO 2014-2 Ltd./Arrowpoint CLO 2014-2 Corp. transaction includes $250 million of class A-1L senior secured floating-rate notes (/AAA/); $50 million of B floating-rate notes (/AA/); $29 million of class C deferrable floating-rate notes (/A/); $22 million of class D deferrable floating-rate notes (/BBB/); $19 million of class E deferrable floating-rate notes (/BB-/); $7 million of class F deferrable floating-rate notes (/B/) and $42 million of subordinated notes.

Jefferies LLC will arrange the transaction.

Arrowpoint Asset Management will manage the cash flow CLO.

The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.

The notes will have a non-call period that ends in March 2016 and a reinvestment period that ends in March 2018.

The deal is expected to close in March.

Denver-based Arrowpoint Asset Management was last in the CLO primary market in April with the $310.2 million Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC deal.

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