By Cristal Cody
Tupelo, Miss., March 12 - ING Alternative Asset Management LLC sold $326.5 million of notes due March 14, 2022 in a refinancing of the ING IM CLO 2012-1, Ltd. collateralized loan obligation transaction, according to an informed source.
ING IM CLO 2012-1R, Ltd. priced $227 million of class A-1R floating-rate notes at Libor plus 120 basis points, shaving 25 bps from where the original tranche priced.
The CLO also sold $32.5 million of class A-2R floating-rate notes at Libor plus 185 bps. The original tranche priced at Libor plus 300 bps.
ING priced $27.75 million of class BR deferrable floating-rate notes at Libor plus 275 bps, 140 bps tighter than the original offering.
ING brought $16.25 million of class CR deferrable floating-rate notes at Libor plus 370 bps, 130 bps better than where the securities first priced.
The CLO sold $14 million of class DR deferrable floating-rate notes at Libor plus 520 bps, tighter than where the original tranche priced at Libor pus 620 bps.
In addition, the CLO placed $9 million of class ER deferrable floating-rate notes at Libor plus 650 bps, 50 bps firmer than where the tranche originally priced.
Credit Suisse Securities (USA) LLC arranged the refinancing.
The original $361.9 million transaction priced in March 2012 via Credit Suisse. The original deal included $35.4 million of subordinated notes in the equity tranche.
ING Alternative Asset Management will manage the arbitrage cash flow CLO.
The reinvestment period remains unchanged and ends in March 2015. The original two-year non-call period ended this month.
ING Alternative Asset Management was in the primary market earlier in the year with the $412.85 million ING IM CLO 2014-1, Ltd./ING IM CLO 2014-1 LLC deal on Feb. 5.
New York City-based ING Alternative Asset Management is an affiliate of ING Investment Management Co. LLC.
| Issuer: | ING IM CLO 2012-1R, Ltd.
|
| Amount: | $326.5 million refinancing
|
| Maturity: | March 14, 2022
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Credit Suisse Securities (USA) LLC
|
| Manager: | ING Alternative Asset Management LLC
|
| Pricing date: | March 6
|
|
|
| Class A-1R notes
|
| Amount: | $227 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody's: Expected Aaa
|
| Standard & Poor's: Expected AAA
|
|
|
| Class A-2R notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: Expected AA
|
|
|
| Class BR notes
|
| Amount: | $27.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: Expected A
|
|
|
| Class CR notes
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| Amount: | $16.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Standard & Poor's: Expected BBB
|
|
|
| Class DR notes
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| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Standard & Poor's: Expected BB
|
|
|
| Class ER notes
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| Amount: | $9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Standard & Poor's: Expected B
|
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