Invesco Senior Secured Management preps $515.5 million Betony CLO

By Cristal Cody

Tupelo, Miss., Feb. 19 – Invesco Senior Secured Management, Inc. plans a $515.5 million collateralized loan obligation offering, according to a market source.

The Betony CLO Ltd./Betony CLO LLC offering includes $3 million of class X senior secured floating-rate notes (//AAA); $320 million of class A senior secured floating-rate notes (//AAA); $55 million of class B floating-rate notes; $29.5 million of class C floating-rate notes; $29 million of class D floating-rate notes; $28 million of class E floating-rate notes; $8 million of class F floating-rate notes and $43 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Invesco will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.

The notes are due in 2027.

The deal is secured mainly by broadly syndicated senior secured loans.

Proceeds will be used to purchase assets to reach a target portfolio of about $500 million of mostly senior secured leveraged loans.

Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco, Ltd., priced two CLO transactions in 2014.

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