By Cristal Cody
Tupelo, Miss., April 4 – Cerberus Capital Management, LP priced a $604.31 million middle-market CLO offering, according to an informed source.
Cerberus Loan Funding XVIII LP sold $306.45 million of class A floating-rate notes at Libor plus 175 basis points; $45.6 million of class B floating-rate notes at Libor plus 235 bps; $59.55 million of class C floating-rate notes at Libor plus 315 bps; $33.9 million of class D floating-rate notes at Libor plus 425 bps; $18 million of class E floating-rate notes at Libor plus 675 bps and $140.81 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Cerberus will manage the CLO.
The New York-based firm priced one middle-market CLO transaction in 2016.
| Issuer: | Cerberus Loan Funding XVIII LP
|
| Amount: | $604.31 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Cerberus Capital Management, LP
|
| Pricing date: | March 30
|
|
|
| Class A notes
|
| Amount: | $306.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $45.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa1 expected
|
|
|
| Class C notes
|
| Amount: | $59.55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $33.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Moody’s: Baa2 expected
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba1 expected
|
|
|
| Equity
|
| Amount: | $140.81 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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