Chicago, July 20 – ICG Debt Advisors LLC refinanced the collateralized loan obligation from ICG US CLO 2017-1, Ltd. for $409.8 million, according to a pre-sale report.
The maturity date has been extended to July 28, 2034, five years past the previous maturity date.
The refinancing notes are the $4 million of class X-RR senior secured floating-rate notes at Libor plus 70 basis points, $246 million of class A-RR senior secured floating-rate notes at Libor plus 117 bps, $58 million of class B-RR senior secured floating-rate notes at Libor plus 180 bps, $24 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 240 bps, $24 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 355 bps and $15 million of class E-RR senior secured deferrable floating-rate notes at Libor plus 736 bps.
There are also $38.8 million of subordinated notes.
Citigroup Global Markets Inc. is the initial purchaser.
ICG Debt Advisors will continue to manage the collateral through July 28, 2026, the end of the reinvestment period.
Collateral is mostly syndicated speculative-grade senior secured term loans.
The notes can be called after July 28, 2023.
The New York-based firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG Debt Advisors LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $409.8 million
|
| Maturity: | July 28, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | July 28, 2023
|
| Settlement date: | June 22
|
|
|
| Class X-RR notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-RR notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $58 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 736 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.8 million
|
| Securities: | Subordinated notes
|
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