By Cristal Cody
Tupelo, Miss., Nov. 13 – Guggenheim Partners Investment Management, LLC priced $512.75 million of notes due Oct. 17, 2026 in a collateralized loan obligation transaction, according to a market source.
Ziggurat CLO Ltd./Ziggurat CLO LLC placed $290 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 158 basis points; $25 million of 3.44% class A-2 senior secured fixed-rate notes (Aaa//AAA); $39 million of class B-1 senior secured floating-rate notes (Aa2) at Libor plus 210 bps; $25 million of 4.57% class B-2 senior secured fixed-rate notes (Aa2); $24.5 million of class C deferrable floating-rate notes (A2) at Libor plus 310 bps; $31.5 million of class D deferrable floating-rate notes (Baa3) at Libor plus 375 bps; $25 million of class E deferrable floating-rate notes (Ba3) at Libor plus 500 bps; $10 million of class F deferrable floating-rate notes (B2) at Libor plus 600 bps and $42.75 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Guggenheim will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period that may be extended for up to five years.
The transaction is collateralized primarily by first-lien senior secured loans and eligible investments.
Proceeds from the deal will be used to purchase a portfolio of about $500 million of leveraged loans.
Guggenheim, a New York- and Chicago-based investment management firm, was last in the primary market in May with a $76.1 million add-on to the vintage 2012 Guggenheim Private Debt Fund Note Issuer, LLC transaction.
| Issuer: | Ziggurat CLO Ltd./Ziggurat CLO LLC
|
| Amount: | $512.75 million
|
| Maturity: | Oct. 17, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Guggenheim Partners Investment Management, LLC
|
| Call feature: | 2016
|
| Pricing date: | Nov. 4
|
| Settlement date: | Dec. 2
|
|
|
| Class A-1 notes
|
| Amount: | $290 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.44%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.57%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | $42.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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