By Cristal Cody
Tupelo, Miss., Nov. 27 - ING Alternative Asset Management LLC priced $518.2 million of notes due 2026 in a collateralized loan obligation, according to an informed source on Wednesday.
ING IM CLO 2013-3, Ltd. sold $320 million of class A-1 senior secured floating-rate notes at Libor plus 145 basis points; $45.6 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps; $47.2 million of class B floating-rate notes at Libor plus 270 bps; $25.6 million of class C floating-rate notes at Libor plus 325 bps; $22.8 million of class D floating-rate notes at Libor plus 450 bps; $14 million of class E floating-rate notes at Libor plus 500 bps and $43 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
ING Alternative Asset Management is the CLO manager.
The managed cash flow CLO is backed by broadly syndicated senior secured corporate loans.
ING Alternative Asset Management was last in the market in April when it sold the $470.25 million ING IM CLO 2013-2 Ltd./ING IM CLO 2013-2 LLC transaction.
New York-based ING Alternative Asset Management is an affiliate of ING Investment Management Co. LLC.
| Issuer: | ING IM CLO 2013-3, Ltd.
|
| Amount: | $518.2 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | ING Alternative Asset Management LLC
|
| Pricing date: | Nov. 26
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $45.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $47.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $22.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes:
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $43 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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