By Cristal Cody
Tupelo, Miss., Feb. 6 - ING Alternative Asset Management LLC priced $412.85 million of notes due April 18, 2026 in a collateralized loan obligation transaction, according to an informed source on Thursday.
ING IM CLO 2014-1, Ltd./ING IM CLO 2014-1 LLC sold $256 million of class A-1 floating-rate notes (//AAA) at Libor plus 150 basis points; $23 million of class A-2A floating-rate notes at Libor plus 200 bps and $30 million of 4.15% class A-2B fixed-rate notes at the top of the capital structure.
The CLO also priced $19 million of class B floating-rate notes at Libor plus 270 bps; $25 million of class C floating-rate notes at Libor plus 340 bps; $18.5 million of class D floating-rate notes at Libor plus 490 bps; $7 million of class E floating-rate notes at Libor plus 525 bps and $34.35 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
ING Alternative Asset Management will manage the CLO.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
The non-call period ends April 18, 2016 and the reinvestment period ends April 18, 2018.
Proceeds from the deal will be used to purchase a portfolio of leveraged loans.
ING Alternative Asset Management brought three CLO deals in 2013. The firm sold the $618.35 million ING IM CLO 2013-1 Ltd./ING IM CLO 2013-1 LLC offering in March, the $470.25 million ING IM CLO 2013-2 Ltd./ING IM CLO 2013-2 LLC transaction in April and the $518.2 million ING IM CLO 2013-3, Ltd./ING IM CLO 2013-3 LLC deal in November.
New York-based ING Alternative Asset Management is an affiliate of ING Investment Management Co. LLC.
| Issuer: | ING IM CLO 2014-1, Ltd./ING IM CLO 2014-1 LLC
|
| Amount: | $412.85 million
|
| Maturity: | April 18, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | ING Alternative Asset Management LLC
|
| Call feature: | April 18, 2016
|
| Pricing date: | Feb. 5
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2B notes
|
| Amount: | $23 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.15%
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $18.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
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| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $34.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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