By Cristal Cody
Tupelo, Miss., June 23 – Greywolf Capital Management LP sold $538.75 million of global secured notes due April 22, 2026 in a refinancing of a vintage 2014 collateralized loan obligation deal, according to a notice of proposed supplemental indenture on Friday.
Greywolf CLO III, Ltd./Greywolf CLO III, LLC priced $385.25 million of class A-1-R senior secured floating-rate notes at Libor plus 111 basis points, $66 million of class A-2-R senior secured floating-rate notes at Libor plus 150 bps, $54,375,000 of class B-R senior secured deferrable floating-rate notes at Libor plus 205 bps and $33,125,000 of class C-R senior secured deferrable floating-rate notes at Libor plus 320 bps.
J.P. Morgan Securities LLC was the refinancing placement agent.
Greywolf Capital Management will continue to manage the CLO.
In the original $640.99 million deal priced on March 12, 2014, 2014, the CLO sold $385.25 million of class A-1 senior secured floating-rate notes at Libor plus 154 bps; $66 million of class A-2 senior secured floating-rate notes at Libor plus 205 bps; $54.38 of class B senior secured deferrable floating-rate notes at Libor plus 285 bps; $33.13 million of class C senior secured deferrable floating-rate notes at Libor plus 360 bps; $28 million of class D secured deferrable floating-rate notes at Libor plus 510 bps; $17.38 million of class E secured deferrable floating-rate notes at Libor plus 575 bps and $56.85 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original class A-1, A-2, B and C notes on July 24.
Greywolf has refinanced two CLOs year to date.
The investment management firm is based in Purchase, N.Y.
| Issuer: | Greywolf CLO III, Ltd./Greywolf CLO III, LLC
|
| Amount: | $538.75 million refinancing
|
| Maturity: | April 22, 2026
|
| Securities: | Global secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Greywolf Capital Management LP
|
| Notice date: | June 23
|
| Settlement date: | July 24
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $385.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $54,375,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $33,125,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | S&P: BBB
|
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