By Cristal Cody
Eureka Springs, Ark., Aug. 30 – Crescent Capital Group LP refinanced $350.25 million of notes due Jan. 30 2024 in a vintage 2012 collateralized loan obligation transaction, according to market sources.
Atlas Senior Loan Fund II, Ltd. sold $257 million of class A-R senior secured floating-rate notes at Libor plus 123 basis points.
The original class A notes priced at Libor plus 143 bps.
The CLO sold $32 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, compared to where the original class B notes priced at Libor plus 225 bps.
Atlas Senior Loan Fund II refinanced $41 million of notes in the class C-R senior secured deferrable floating-rate tranche at Libor plus 235 bps. The original class C notes priced at Libor plus 300 bps.
The CLO sold $20.25 million of class D-R senior secured deferrable floating-rate notes at Libor plus 390 bps. The original class D notes priced at Libor plus 425 bps.
The $16.75 million class E tranche, priced at Libor plus 495 bps, was not refinanced.
Crescent Capital is the CLO manager.
Proceeds from the refinancing will be used to redeem the original class A, B, C and D notes.
Crescent Capital previously refinanced $256 million of notes in the Atlas Senior Loan Fund, Ltd. transaction on Aug. 4.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Atlas Senior Loan Fund II, Ltd.
|
| Amount: | $350.25 million refinancing
|
| Maturity: | Jan. 30, 2024
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Crescent Capital Group LP
|
| Pricing date: | Aug. 25
|
| Settlement date: | Sept. 9
|
|
|
| Class A-R notes
|
| Amount: | $257 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA+
|
|
|
| Class C-R notes
|
| Amount: | $41 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A+
|
|
|
| Class D-R notes
|
| Amount: | $20.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB
|
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