By Cristal Cody
Tupelo, Miss., Sept. 19 - Acis CLO 2013-2 Ltd./Acis CLO 2013-2 LLC priced its previously reported $650 million offering of floating-rate and subordinated notes due Oct. 14, 2022 at a range of spreads from 50 basis points over Libor to 592 bps over Libor at the bottom end of the structure, according to market sources.
Highland Capital Management, LP sold the CLO on Sept. 11.
Acis CLO priced $388 million of class A senior secured floating-rate notes (Aaa) at a discount to investors of Libor plus 50 bps.
The CLO also sold $69 million of class B senior secured floating-rate notes at Libor plus 179 bps; $28 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 282 bps; $25 million of class C-2 mezzanine secured deferrable floating-rate notes at Libor plus 321 bps; $31 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 385 bps; $26 million of class E junior secured deferrable floating-rate notes at Libor plus 493 bps; $13 million of class F junior secured deferrable floating-rate notes at Libor plus 592 bps and $70 million of subordinated notes.
The non-call period and reinvestment period on the vehicle ends April 14, 2015.
Jefferies LLC arranged the offering.
Highland affiliate Acis Capital Management, LP is the collateral manager. The CLO is backed by broadly syndicated first-lien senior secured loans.
Highland brought the $525.5 million Acis CLO 2013-1 Ltd. transaction in February.
The Dallas-based firm manages 23 CLOs and is the largest U.S. CLO manager with about $18 billion of assets under management.
| Issuer: | Acis CLO 2013-2 Ltd./Acis CLO 2013-2 LLC
|
| Amount: | $650 million
|
| Maturity: | Oct. 14, 2022
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Acis Capital Management, LP
|
| Call feature: | April 14, 2015
|
| Pricing date: | Sept. 11
|
| Settlement date: | Oct. 3
|
|
|
| Class A
|
| Amount: | $388 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B
|
| Amount: | $69 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 179 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1
|
| Amount: | $28 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 282 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2
|
| Amount: | $25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 321 bps
|
| Ratings: | Non-rated
|
|
|
| Class D
|
| Amount: | $31 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | Non-rated
|
|
|
| Class E
|
| Amount: | $26 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 493 bps
|
| Ratings: | Non-rated
|
|
|
| Class F
|
| Amount: | $13 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 592 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $70 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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