By Cristal Cody
Tupelo, Miss., Dec. 2 – Greywolf Capital Management LP priced $437.35 million of floating-rate and subordinated notes due Dec. 15, 2026 in a collateralized loan obligation offering, according to a market source.
Greywolf CLO IV, Ltd./Greywolf CLO IV, LLC sold $269.18 million of class A-1 floating-rate notes at Libor plus 153 basis points; $54.24 million of class A-2 floating-rate notes at Libor plus 255 bps; $31.78 of class B deferrable floating-rate notes at Libor plus 350 bps; $21 million of class C deferrable floating-rate notes at Libor plus 410 bps; $16.4 million of class D deferrable floating-rate notes at Libor plus 560 bps; $10.2 million of class E secured deferrable floating-rate notes at Libor plus 665 bps and $34.55 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Greywolf Capital Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is backed by a revolving pool of broadly syndicated senior secured loans.
Greywolf Capital Management was last in the primary market in March with the $640.99 million Greywolf CLO III, Ltd./Greywolf CLO III, LLC transaction.
The Purchase, N.Y.-based investment management firm priced its first post-financial crisis CLO deal in March 2013.
| Issuer: | Greywolf CLO IV, Ltd./Greywolf CLO IV, LLC
|
| Amount: | $437.35 million
|
| Maturity: | Dec. 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Greywolf Capital Management LP
|
| Call feature: | 2016
|
| Pricing date: | Nov. 12
|
|
|
| Class A-1 notes
|
| Amount: | $269.18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $54.24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $31.78 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $16.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Ratings: | Standard & Poor’s: BB
|
|
|
| Class E notes
|
| Amount: | $10.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 665 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $34.55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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