By Cristal Cody
Tupelo, Miss., March 11 – Brigade Capital Management, LLC priced $507.75 million of notes in a new collateralized loan obligation offering, according to details from market sources.
Battalion CLO XIV Ltd./Battalion CLO XIV LLC sold $305 million of class A-1 floating-rate notes at Libor plus 145 basis points; $17.5 million of 4.17% class A-2 fixed-rate notes; $22.5 million of class B-1 floating-rate notes at Libor plus 210 bps; $20 million of 4.7% class B-2 fixed-rate notes; $20.25 million of class C-1 floating-rate notes at Libor plus 295 bps; $5 million of 5.57% class C-2 fixed-rate notes; $30.5 million of class D floating-rate notes at Libor plus 395 bps; $29.5 million of class E floating-rate notes at Libor plus 668 bps and $57.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Brigade Capital Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The investment adviser firm is based in New York.
| Issuer: | Battalion CLO XIV Ltd./Battalion CLO XIV LLC
|
| Amount: | $507.75 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Brigade Capital Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 22
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $17.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.17%
|
| Ratings: | Moody’s: Non-rated expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.7%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-1 notes
|
| Amount: | $20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-2 notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.57%
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $30.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $29.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 668 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $57.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
