By Cristal Cody
Tupelo, Miss., Oct. 29 – Antares Capital Advisers LLC priced $596.24 million of notes due Oct. 23, 2031 in a middle-market collateralized loan obligation offering that closed on Thursday, according to market sources.
Antares CLO 2020-1, Ltd./Antares CLO 2020-1, LLC sold $345 million of class A-1 floating-rate notes at Libor plus 190 basis points, $15 million of class A-2 floating-rate notes at Libor plus 230 bps and $54 million of class B floating-rate notes at Libor plus 260 bps.
Also, the CLO priced $45 million of class C deferrable floating-rate notes at Libor plus 380 bps, $33 million of class D deferrable floating-rate notes at Libor plus 540 bps and $104.24 million of subordinated notes.
The deal also has a delayed-draw class E tranche of up to $36 million (BB-/) that was unfunded at closing.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by middle-market senior secured term loans.
Antares Capital is a Chicago-based investment management firm and affiliate of Antares Holding LP.
| Issuer: | Antares CLO 2020-1, Ltd./Antares CLO 2020-1, LLC
|
| Amount: | $596.24 million
|
| Maturity: | Oct. 23, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Antares Capital Advisers LLC
|
| Call feature: | One year
|
| Settlement date: | Oct. 29
|
|
|
| Class A-1 notes
|
| Amount: | $345 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $54 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $45 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 540 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $104.24 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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