Chicago, May 24 – Brigade Capital Management, LP priced a new CLO that lists Battalion CLO XIX Ltd./Battalion CLO XIX LLC as co-issuers, according to a pre-sale report.
The $417.5 million of notes include the $252 million of class A senior secured floating-rate notes at Libor plus 107 basis points, $52 million of class B senior secured floating-rate notes at Libor plus 160 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 325 bps and $16 million of class E senior secured deferrable floating-rate notes at Libor plus 675 bps.
There are also $49.5 million of subordinated notes.
The CLO matures April 15, 2034.
Barclays is the initial purchaser.
The notes have two years of call protection.
Brigade will select the collateral through the end of the reinvestment period on April 15, 2026.
At least 90% of the collateral comes from senior secured loans, cash and eligible investments.
Brigade Capital is an investment advisor firm based in New York.
| Issuer: | Battalion CLO XIX Ltd./Battalion CLO XIX LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $417.5 million
|
| Maturity: | April 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Brigade Capital Management, LP
|
| Call feature: | April 15, 2023
|
| Settlement date: | April 21
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.5 million
|
| Securities: | Subordinated notes
|
© 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.
