By Cristal Cody
Tupelo, Miss., May 15 - Cent CLO 18 Ltd./Cent CLO 18 Corp. sold $527.5 million of notes due July 2025 in a collateralized loan obligation, according to market sources on Wednesday.
In the deal, Cent priced $3.75 million of class X floating-rate notes (Aaa) at Libor plus 100 basis points; $315 million of class A floating-rate notes (Aaa) at Libor plus 112 bps; $55.5 million of class B-1 deferrable floating-rate notes at Libor plus 155 bps; $10 million of 3.12% class B-2 fixed-rate notes; $31.25 million of class C-1 deferrable floating-rate notes at Libor plus 252 bps; $2 million of 4.05% class C-2 fixed-rate notes; $25 million of class D deferrable floating-rate notes at Libor plus 345 bps; $26.25 million of class E deferrable floating-rate notes at Libor plus 460 bps; and $53.75 million of subordinated notes.
The offering also consisted of a $5 million tranche of class P securities (Aaa), which included Treasuries with a 0% coupon due May 2025 and subordinated notes.
Morgan Stanley & Co. LLC was the underwriter.
Columbia Management Investment Advisors, LLC will manage the cash-flow CLO, which is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
The investment management firm is based in Boston.
| Issuer: | Cent CLO 18 Ltd./Cent CLO 18 Corp.
|
| Amount: | $527.5 million
|
| Maturity: | July 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes and Treasuries
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Columbia Management Investment Advisors, LLC
|
| Call feature: | July 2015
|
| Pricing date: | May 14
|
| Settlement date: | June
|
|
|
| Class X notes
|
| Amount: | $3.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $55.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Not rated
|
|
|
| Class B-2 notes
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| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.12%
|
| Rating: | Not rated
|
|
|
| Class C-1 notes
|
| Amount: | $31.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 252 bps
|
| Rating: | Not rated
|
|
|
| Class C-2 notes
|
| Amount: | $2 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.05%
|
| Rating: | Not rated
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Not rated
|
|
|
| Class E notes
|
| Amount: | $26.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 460 bps
|
| Rating: | Not rated
|
|
|
| Equity tranche
|
| Amount: | $53.75 million
|
| Securities: | Subordinated notes
|
| Rating: | Not rated
|
|
|
| Class P notes
|
| Amount: | $5 million
|
| Securities: | 0% Treasuries due 2025 and subordinated notes
|
| Rating: | Moody's: Aaa
|
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