Chicago, June 8 – ICG Debt Advisors LLC revisited the collateralized loan obligation originally issued by ICG US CLO 2016-1, Ltd./ICG US CLO 2016-1 LLC and is reselling notes in a $416.75 million refinancing, according to a pre-sale report.
The notes are now due April 29, 2034.
The refinancing notes that are part of this transaction are the $4 million of class X senior secured floating-rate notes at Libor plus 90 basis points, $246 million of class A1R-R senior secured floating-rate notes at Libor plus 125 bps, $58 million of class A2R-R senior secured floating-rate notes at Libor plus 185 bps, $24 million of class BR-R senior secured deferrable floating-rate notes at Libor plus 245 bps, $24 million of class CR-R senior secured deferrable floating-rate notes at Libor plus 365 bps, $16 million of class DR-R senior secured deferrable floating-rate notes at Libor plus 743 bps and $44.75 million of subordinated notes.
An early iteration of the portfolio had the notes as the $256 million of class A-1-R senior secured floating-rate notes at Libor plus 114 bps; $51 million of class A-2-R senior secured floating-rate notes at Libor plus 170 bps; $18 million of class B-R senior secured deferrable floating-rate notes at Libor plus 210 bps; $26 million of class C-R senior secured deferrable floating-rate notes at Libor plus 305 bps; $17 million of class D-R senior secured deferrable floating-rate notes at Libor plus 575 bps and $37.75 million of subordinated notes.
In the original $405.75 million CLO issued Aug. 30, 2016, ICG priced $256 million of class A-1 senior secured floating-rate notes at Libor plus 160 bps; $51 million of class A-2 senior secured floating-rate notes at Libor plus 220 bps; $18 million of class B senior secured deferrable floating-rate notes at Libor plus 300 bps; $26 million of class C senior secured deferrable floating-rate notes at Libor plus 425 bps; $17 million of class D senior secured deferrable floating-rate notes at Libor plus 675 bps and $37.75 million of subordinated notes.
ICG Debt Advisors will manage the collateral through the end of the reinvestment period on April 29, 2025.
The non-call period ends April 29, 2023.
Citigroup Global Markets Inc. is the initial purchaser.
The subsidiary of London-based parent company Intermediate Capital Group plc is based in New York.
| Issuers: | ICG US CLO 2016-1, Ltd./ICG US CLO 2016-1 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $416.75 million
|
| Maturity: | April 29, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | April 29, 2023
|
| Settlement date: | May 28
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | Moody's: AAA
|
|
|
| Class A1R-R notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | Moody's: AAA
|
|
|
| Class A2R-R notes
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| Amount: | $58 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody's: AA
|
|
|
| Class BR-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody's: A
|
|
|
| Class CR-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody's: BBB-
|
|
|
| Class DR-R notes
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| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 743 bps
|
| Rating: | Moody's: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.75 million
|
| Securities: | Subordinated notes
|
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