Published on 2/14/2020 in the Prospect News CLO Daily.
New Issue: Audax Management prices $325.06 million of notes in broadly syndicated CLO
By Cristal Cody
Tupelo, Miss., Feb. 14 – Audax Management Co. (NY) LLC priced $325,055,000 of notes due Jan. 20, 2030 in a collateralized loan obligation offering backed by broadly syndicated and middle-market first-lien senior secured loans, according to market sources.
Audax Senior Debt CLO III LLC sold $186,875,000 of class A floating-rate notes at Libor plus 161 basis points, $34,125,000 of class B floating-rate notes at Libor plus 250 bps, $24,375,000 of class C floating-rate notes at Libor plus 360 bps, $17,875,000 of class D floating-rate notes at Libor plus 460 bps and $61,805,000 of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
The CLO has a 2.4-year non-call period and a 2.4-year reinvestment period.
Audax Management Co. (NY) priced two CLOs in 2019.
The private equity firm is part of Boston-based middle-market investment firm Audax Group, Inc.
| Issuer: | Audax Senior Debt CLO III LLC
|
| Amount: | $325,055,000
|
| Maturity: | Jan. 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Audax Management Co. (NY) LLC
|
| Call feature: | 2.4 years
|
| Pricing date: | Feb. 6
|
| Settlement date: | Feb. 20
|
|
|
| Class A notes
|
| Amount: | $186,875,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 161 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $34,125,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24,375,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $17,875,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 460 bps
|
| Rating: | S&P: BBB+
|
|
|
| Equity
|
| Amount: | $61,805,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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