By Cristal Cody
Tupelo, Miss., Aug. 17 – Columbia Management Investment Advisors, LLC sold an upsized $709.8 million of notes due Oct. 15, 2026 in the Cent CLO 24 Ltd./Cent CLO 24 Corp. collateralized loan obligation transaction, according to a market source.
The CLO priced $431.9 million of class A-1 senior floating-rate notes at Libor plus 147 basis points and $102.9 million of class A-2 senior floating-rate notes at Libor plus 220 bps.
The CLO also sold $42 million of class B deferrable floating-rate notes at Libor plus 275 bps; $35.7 million of class C deferrable floating-rate notes at Libor plus 370 bps; $19.5 million of class D-1 deferrable floating-rate notes at Libor plus 550 bps; $12 million of class D-2 deferrable floating-rate notes at Libor plus 678 bps; $14 million of class E deferrable floating-rate notes at Libor plus 700 bps and $51.8 million of subordinated notes.
The deal was upsized from $509 million.
Goldman Sachs & Co. was the placement agent.
Columbia Management Investment Advisors will manage the CLO.
The CLO is non-callable until April 15, 2018. The reinvestment period ends April 15, 2020.
The transaction is backed primarily by broadly syndicated senior secured corporate loans.
Columbia Management Investment has priced two CLO deals year to date.
The Boston-based investment management firm was in the primary market in 2014 with two CLO offerings.
| Issuer: | Cent CLO 24 Ltd./Cent CLO 24 Corp.
|
| Amount: | $709.8 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Columbia Management Investment Advisors, LLC
|
| Call feature: | April 15, 2018
|
| Pricing date: | Aug. 7
|
| Settlement date: | Sept. 8
|
|
|
| Class A-1 notes
|
| Amount: | $431.9 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $102.9 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $35.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D-1 notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class D-2 notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 678 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $51.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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