By Cristal Cody
Tupelo, Miss., Dec. 24 - Regiment Capital Management, LLC raised $411,029,000 in the firm's collateralized loan obligation offering of notes due January 2026, according to a market source.
The Cavalry CLO III, Ltd./Cavalry CLO III, LLC vehicle priced $245 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 145 basis points; $40 million of class B senior secured floating-rate notes (/AA/) at Libor plus 200 bps; $35.5 million of class C secured deferrable floating-rate notes (/A/) at Libor plus 280 bps; $30,529,000 of class D secured deferrable floating-rate notes (/BBB-/) at Libor plus 330 bps and $60 million of subordinated notes.
Wells Fargo Securities, LLC arranged the offering.
The notes have a non-call period that ends in January 2016 and a reinvestment period scheduled to end in January 2018.
The CLO is backed by a broadly syndicated leveraged loan portfolio.
Regiment Capital Management, a Boston-based asset management firm, will manage the CLO.
The firm sold the $455.53 million Cavalry CLO II Ltd./Cavalry CLO II LLC deal in February.
| Issuer: | Cavalry CLO III Ltd/Cavalry CLO III LLC
|
| Amount: | $411.03 million
|
| Maturity: | January 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Regiment Capital Management LLC
|
| Call feature: | January 2016
|
| Settlement date: | Dec. 11
|
|
|
| Class A
|
| Amount: | $245 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C
|
| Amount: | $35.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D
|
| Amount: | $30.53 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Standard & Poor's: BBB-
|
|
|
| Equity tranche
|
| Amount: | $60 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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