By Cristal Cody
Tupelo, Miss., Nov. 25 – Cerberus Capital Management, LP priced a $405.61 million middle-market collateralized loan obligation transaction, according to a market source.
Cerberus Onshore II CLO 2014-2 sold $134 million of class A notes at Libor plus 190 basis points; $47 million of class A loans at Libor plus 190 bps; $28.5 million of class B floating-rate notes at Libor plus 270 bps; $30 million of class C floating-rate notes at Libor plus 335 bps; $37.5 million of class D floating-rate notes at Libor plus 415 bps and $128.61 million of equity notes.
Wells Fargo Securities LLC arranged the deal.
Cerberus Leveraged Loan Opportunities Fund II, LP will manage the CLO.
The notes are due in 2023.
Cerberus Capital Management previously was in the primary market on June 9 with the $145 million Cerberus AUS Levered II LP offering.
The investment firm is based in New York City.
Issuer: | Cerberus Onshore II CLO 2014-2
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Amount: | $405.61 million
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Maturity: | 2023
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Securities: | Floating-rate notes and loans
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Structure: | Cash flow CLO
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Placement agent: | Wells Fargo Securities LLC
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Manager: | Cerberus Leveraged Loan Opportunities Fund II, LP
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Pricing date: | Nov. 20
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Class A notes
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Amount: | $134 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 190 bps
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Price: | Par
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Rating: | Moody’s: Aaa expected
|
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Class A loan
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Amount: | $47 million
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Securities: | Floating-rate loans
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Coupon: | Libor plus 190 bps
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Price: | Par
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Rating: | Moody’s: Aaa expected
|
|
Class B notes
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Amount: | $28.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 270 bps
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Price: | 99.157
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Rating: | Moody’s: Aa2 expected
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Class C notes
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Amount: | $30 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 335 bps
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Price: | 98.073
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Rating: | Moody’s: A2 expected
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Class D notes
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Amount: | $37.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 415 bps
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Price: | 96.325
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Rating: | Moody’s: Baa3 expected
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Equity tranche
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Amount: | $128.61 million
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Securities: | Notes
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Ratings: | Non-rated
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