Anchorage Capital markets $520 million Anchorage Capital CLO 5 deal

By Cristal Cody

Tupelo, Miss., Oct. 28 – Anchorage Capital Group, LLC plans to price $520 million of notes due 2026 in a collateralized loan obligation offering, according to a market source.

The Anchorage Capital CLO 5, Ltd./Anchorage Capital CLO 5, LLC deal includes $2 million of class X floating-rate notes (//AAA); $305 million of class A floating-rate notes (//AAA); $57.5 million of class B floating-rate notes; $30 million of class C floating-rate notes; $35 million of class D floating-rate notes; $30 million of class E floating-rate notes; $12.5 million of class F floating-rate notes and $48 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Anchorage Capital will manage the CLO, which is backed primarily by broadly syndicated senior secured loans.

The CLO has a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to purchase a portfolio of about $500 million of primarily senior secured leveraged loans.

Anchorage Capital previously priced the $517.75 million Anchorage Capital CLO 3, Ltd./Anchorage Capital CLO 3, LLC deal in February and the $621.5 million Anchorage Capital CLO 4, Ltd./Anchorage Capital CLO 4, LLC offering in May.

The New York City-based global asset manager brought one CLO transaction in 2013.

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