By Cristal Cody
Tupelo, Miss., Aug. 7 – Assurant CLO Management, LLC priced $464.02 million of notes due Oct. 20, 2031 in the Assurant CLO III, Ltd. transaction, according to a market source.
The CLO sold $4.6 million of class X floating-rate notes at Libor plus 70 basis points, $296.7 million of class A floating-rate notes at Libor plus 123 bps, $46.95 million of class B floating-rate notes at Libor plus 175 bps, $23.45 million of class C floating-rate notes at Libor plus 225 bps; $30.15 million of class D floating-rate notes at Libor plus 320 bps; $25.87 million of class E floating-rate notes at Libor plus 615 bps and $36.3 million of subordinated notes.
J.P. Morgan Securities, LLC arranged the transaction.
Assurant CLO Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first lien senior secured loans.
Assurant CLO Management is a subsidiary of Assurant Investment Management, LLC.
| Issuer: | Assurant CLO III, Ltd.
|
| Amount: | $464.02 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities, LLC
|
| Manager: | Assurant CLO Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | July 27
|
| Settlement date: | Aug. 28
|
|
|
| Class X notes
|
| Amount: | $4.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $296.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $46.95 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $23.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $30.15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $25.87 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $36.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
