By Cristal Cody
Tupelo, Miss., June 19 – ArrowMark Colorado Holdings LLC refinanced $367.75 million of notes due April 18, 2027 from a 2015 vintage broadly syndicated collateralized loan obligation offering, according to a notice of executed third supplemental indenture.
Elevation CLO 2015-4, Ltd./Elevation CLO 2015-4 LLC priced $252.25 million of class A-R senior secured floating-rate notes (AAA/AAA) at Libor plus 99 basis points, $48.5 million of class B-R senior secured floating-rate notes (AA/) at Libor plus 167 bps, $28.25 million of class C-R secured deferrable floating-rate notes (A/) at Libor plus 220 bps, $20.75 million of class D-R secured deferrable floating-rate notes (BBB/) at Libor plus 325 bps and $18 million of class E-R secured deferrable floating-rate notes (BB-/) at Libor plus 640 bps.
Deutsche Bank Securities Inc. was the refinancing placement agent.
The original $408.1 million CLO was issued as Arrowpoint CLO 2015-4, Ltd./Arrowpoint CLO 2015-4 LLC on April 23, 2015.
In that offering, the CLO priced $252.25 million of class A floating-rate notes at Libor plus 155 bps; $48.5 million of class B floating-rate notes at Libor plus 243 bps; $28.25 million of class C deferrable floating-rate notes at Libor plus 335 bps; $20.75 million of class D deferrable floating-rate notes at Libor plus 450 bps; $18 million of class E deferrable floating-rate notes at Libor plus 690 bps; $6 million of class F deferrable floating-rate notes at Libor plus 630 bps and $34.35 million of subordinated notes.
Proceeds from the refinancing were used to redeem the outstanding notes.
The refinanced CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
In 2018, ArrowMark priced two new CLOs and refinanced one vintage CLO.
The investment management firm is based in Denver.
| Issuer: | Elevation CLO 2015-4, Ltd./Elevation CLO 2015-4 LLC
|
| Amount: | $367.75 million refinancing
|
| Maturity: | April 18, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank Securities Inc.
|
| Manager: | ArrowMark Colorado Holdings LLC
|
| Settlement date: | June 17
|
|
|
| Class A-R notes
|
| Amount: | $252.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 99 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 167 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $28.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $20.75 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
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| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | S&P: BB-
|
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