Chicago, Nov. 13 – Antares Capital Advisers LLC is refinancing and extended for $533.14 million the collateralized loan obligation issued by Antares CLO 2019-1 Ltd./Antares CLO 2019-1 LLC, according to a presale report.
The CLO will mature on Jan. 20, 2036.
The deal consists of $290 million of class A-L senior secured floating-rate loans at SOFR plus 230 basis points, $20 million of class A-R senior secured floating-rate notes at SOFR plus 230 bps, $61.5 million of class B-R senior secured floating-rate notes at SOFR plus 335 bps, $37.4 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 425 bps, $29.4 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 625 bps, $32 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 910 bps and $62.84 million of subordinated notes.
In the original transaction, the CLO sold $290 million of class A-1 floating-rate notes at Libor plus 168 bps, $9 million of class A-2 floating-rate notes at Libor plus 190 bps and $46 million of class B floating-rate notes at Libor plus 255 bps.
Antares CLO 2019-1 also initially had $37.5 million of class C deferrable floating-rate notes at Libor plus 355 bps, $28.75 million of class D deferrable floating-rate notes at Libor plus 465 bps, $31.25 million of class E deferrable floating-rate notes at Libor plus 775 bps and $62.84 million of subordinated notes.
Antares Capital Advisers LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2028.
Collateral consists of middle-market speculative-grade senior secured term loans.
The notes are non-callable.
Deutsche Bank Securities Inc. was the placement agent.
The Chicago-based investment management firm is an affiliate of Antares Holding LP.
| Issuer: | Antares CLO 2019-1 Ltd./Antares CLO 2019-1 LLC
|
| Issue: | Floating-rate loans, floating-rate notes and subordinated notes
|
| Amount: | $533.14 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Antares Capital Advisers LLC
|
| Call feature: | Non-callable
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 16
|
|
|
| Class A-L loans
|
| Amount: | $290 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
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| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $61.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $37.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $29.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 625 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 910 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $62.84 million
|
| Securities: | Subordinated notes
|
|
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