By Cristal Cody
Tupelo, Miss., July 18 – Anchorage Capital Group, LLC priced $577.45 million of notes in a refinancing and reset of the Anchorage Capital CLO 6, Ltd./Anchorage Capital CLO 6, LLC transaction, according to a market source and a notice to holders of notes on Monday.
Anchorage Capital CLO 6 sold $3.5 million of class X senior secured floating-rate notes at Libor plus 90 basis points; $343.75 million of class A-R senior secured floating-rate notes at Libor plus 127 bps; $53.25 million of class B-1-R senior secured floating-rate notes at Libor plus 175 bps; $10 million of 3.79% class B-2-R senior secured fixed-rate notes; $29.1 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 240 bps; $38.1 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 355 bps; $31.5 million of class E-R junior secured deferrable floating-rate notes at Libor plus 635 bps and $68.25 million of subordinated notes.
J.P. Morgan Securities LLC was the refinancing agent.
Anchorage Capital Group will continue to manage the CLO.
The maturity on the notes was extended to July 15, 2030 from the original April 15, 2027 maturity.
The refinanced CLO has a two-year non-call period and a four-year reinvestment period.
In the original $569.93 million transaction priced on March 11, 2015, the CLO sold $310.75 million of class A-1 senior secured floating-rate notes at Libor plus 154 bps; $27.5 million of 3.46% class A-2 senior secured fixed-rate notes; $63.25 million of class B senior secured floating-rate notes at Libor plus 205 bps; $30.03 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 285 bps; $39.93 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 340 bps; $29.37 million of class E-1 junior secured deferrable floating-rate notes at Libor plus 490 bps; $4.4 million of class E-2 junior secured deferrable floating-rate notes at Libor plus 684 bps; $11 million of class F junior secured deferrable floating-rate notes at Libor plus 590 bps and $53.7 million of subordinated notes.
Proceeds from the refinancing were used to redeem the original notes issued on April 15, 2015.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
Anchorage Capital Group has refinanced two CLOs year to date.
The New York City-based CLO manager priced two CLOs and one CDO and refinanced one vintage CLO in 2016.
| Issuer: | Anchorage Capital CLO 6, Ltd./Anchorage Capital CLO 6, LLC
|
| Amount: | $577.45 million refinancing
|
| Maturity: | July 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Call feature: | Two years
|
| Settlement date: | July 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | $343.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
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| Amount: | $53.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.79%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $29.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $38.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $31.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $68.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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