By Cristal Cody
Tupelo, Miss., April 12 – Antares Capital Advisers LLC priced $505.34 million of notes due July 20, 2031 in the Antares CLO 2019-1, Ltd./Antares CLO 2019-1, LLC middle-market collateralized loan obligation transaction, according to market sources.
The CLO sold $290 million of class A-1 floating-rate notes at Libor plus 168 basis points, $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 priced $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.
Deutsche Bank Securities Inc. was the placement agent.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are backed primarily by middle-market senior secured term loans.
Antares has priced one CLO transaction year to date.
In 2018, the CLO manager placed three new middle-market CLOs.
The Chicago-based investment management firm is an affiliate of Antares Holding LP.
| Issuer: | Antares CLO 2019-1, Ltd./Antares CLO 2019-1, LLC
|
| Amount: | $505.34 million
|
| Maturity: | July 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Antares Capital Advisers LLC
|
| Call feature: | Two years
|
| Pricing date: | April 5
|
| Settlement date: | May 17
|
|
|
| Class A-1 notes
|
| Amount: | $290 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $37.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $31.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $62.84 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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