By Cristal Cody
Eureka Springs, Ark., June 6 – Arrowpoint Asset Management LLC sold $354.5 million of notes in the Arrowpoint CLO 2016-5 Ltd./Arrowpoint CLO 2016-5 LLC broadly syndicated collateralized loan obligation transaction, according to a market source.
The CLO priced $224 million of class A floating-rate notes at Libor plus 172 basis points; $38.5 million of class B floating-rate notes at Libor plus 230 bps; $21 million of class C floating-rate notes at Libor plus 325 bps; $20.3 million of class D floating-rate notes at Libor plus 465 bps and $18.2 million of class E floating-rate notes at Libor plus 695 bps.
The deal also included two equity tranches of $17.5 million of class S subordinated notes and $15 million of class J subordinated notes.
Goldman Sachs & Co. was the placement agent.
Arrowpoint Asset Management will manage the CLO.
The CLO manager priced one CLO deal in 2015.
The Denver-based firm is the investment adviser arm of Meridian Funds.
| Issuer: | Arrowpoint CLO 2016-5 Ltd./Arrowpoint CLO 2016-5 LLC
|
| Amount: | $354.5 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Arrowpoint Asset Management
|
| Pricing date: | May 25
|
|
|
| Class A notes
|
| Amount: | $224 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 172 bps
|
| Rating: | Moody’s: Aaa (expected)
|
|
|
| Class B notes
|
| Amount: | $38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: A2 (expected)
|
|
|
| Class D notes
|
| Amount: | $20.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | Moody’s: Baa3 (expected)
|
|
|
| Class E notes
|
| Amount: | $18.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | Moody’s: Ba3 (expected)
|
|
|
| Class S equity
|
| Amount: | $17.5 million
|
| Securities: | Class S subordinated notes
|
| Rating: | Non-rated
|
|
|
| Class J equity
|
| Amount: | $15 million
|
| Securities: | Class J subordinated notes
|
| Rating: | Non-rated
|
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