By Cristal Cody
Tupelo, Miss., April 16 - Invesco Senior Secured Management, Inc. refinanced $315.75 million of notes due April 17, 2023 in the Avalon IV Capital, Ltd./Avalon IV Capital LLC transaction, according to an informed source.
The firm refinanced the tranche of $231 million of class A floating-rate notes (Aaa/AAA/) to Libor plus 117 bps from Libor plus 150 bps.
The tranche of $23 million of class B floating-rate notes (/AA/) was refinanced to Libor plus 185 bps from Libor plus 275 bps.
The firm refinanced $32 million of class C deferrable floating-rate notes (/A/) to Libor plus 285 bps from Libor plus 360 bps.
The $16 million tranche of class D deferrable floating-rate notes (/BBB/) was refinanced to Libor plus 385 bps from Libor plus 500 bps.
In the last tranche, Invesco refinanced $13.75 million of class E deferrable floating-rate notes (/BB/) to Libor plus 560 bps from Libor plus 610 bps.
The original $350 million offering brought in 2012 included $34.25 million of subordinated notes in the equity tranche.
Citigroup Global Markets Inc. arranged the refinancing deal.
Invesco Senior Secured Management will manage the CLO, which is backed by first-lien senior secured corporate loans.
Invesco was last in the primary market in February with the $669.75 million Limerock CLO II Ltd./Limerock CLO II LLC deal. The firm, a subsidiary of Atlanta-based Invesco, Ltd., brought two CLO transactions in 2013.
| Issuer: | Avalon IV Capital, Ltd./Avalon IV Capital LLC
|
| Amount: | $315.75 million refinancing
|
| Maturity: | April 17, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Pricing date: | April 2
|
|
|
| Class A notes
|
| Amount: | $231 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody's: Expected Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: Expected AA
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: Expected A
|
|
|
| Class D notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Standard & Poor's: Expected BBB
|
|
|
| Class E notes
|
| Amount: | $13.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Standard & Poor's: Expected BB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
