By Cristal Cody
Tupelo, Miss., Feb. 7 – Assurant CLO Management, LLC priced $454 million of notes due April 20, 2030 in the new Assurant CLO IV, Ltd. transaction, according to a market source.
The CLO sold $290 million of class A floating-rate notes at Libor plus 135 basis points, $52 million of class B floating-rate notes at Libor plus 190 bps, $25.2 million of class C floating-rate notes at Libor plus 270 bps, $24.3 million of class D floating-rate notes at Libor plus 385 bps, $22.5 million of class E floating-rate notes at Libor plus 700 bps and $40 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
The CLO has a one-year non-call period and a three-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 IV, Ltd.
|
| Amount: | $454 million
|
| Maturity: | April 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Assurant CLO Management, LLC
|
| Call feature: | One year
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 22
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $290 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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