Chicago, Nov. 1 – Anchorage Capital Group, LLC closed on a new $405 million CDO offering of notes due Oct. 26, 2037, according to a market source.
Anchorage Credit Funding 9, Ltd./Anchorage Credit Funding 9, LLC priced the following:
• $185 million of 3.79% class A senior secured fixed-rate notes;
• $38.8 million of 4.4% class B-a senior secured fixed-rate notes;
• $19.2 million of 4.4% class B-b senior secured fixed-rate notes;
• $5 million of 5.5% class C-a mezzanine secured deferrable fixed-rate notes;
• $17 million of 5.5% class C-b mezzanine secured deferrable fixed-rate notes;
• $20 million of 6.54% class D mezzanine secured deferrable fixed-rate notes;
• $10 million of 6.89% class E-a junior secured deferrable fixed-rate notes;
• $10 million of 6.89% class E-b junior secured deferrable fixed-rate notes; and
• $100 million of subordinated notes.
There are also $54 million of class 1 structured notes, which is a class of notes comprised of $19.2 million of the class B-b notes, $17 million of the class C-b notes, $10 million of the class E-b notes and $7.8 million of the subordinated notes.
GreensLedge Capital Markets LLC arranged the offering.
Anchorage Capital Group will manage the CDO.
The CDO is collateralized primarily by corporate bonds and loans.
Anchorage Capital Group is a New York City-based global asset manager.
| Issuer: | Anchorage Credit Funding 9, Ltd./Anchorage Credit Funding 9, LLC
|
| Amount: | $405 million
|
| Maturity: | Oct. 26, 2037
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CDO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Settlement date: | Oct. 31
|
|
|
| Class A notes
|
| Amount: | $185 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.79%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-a notes
|
| Amount: | $38.8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.4%
|
| Rating: | Moody’s: Aa3
|
|
|
| Class B-b notes
|
| Amount: | $19.2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.4%
|
| Rating: | Moody’s: Aa3
|
|
|
| Class C-a notes
|
| Amount: | $5 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.5%
|
| Rating: | Moody’s: A3
|
|
|
| Class C-b notes
|
| Amount: | $17 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.5%
|
| Rating: | Moody’s: A3
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 6.54%
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-a notes
|
| Amount: | $10 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 6.89%
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-b notes
|
| Amount: | $10 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 6.89%
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $100 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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