Chicago, March 29 – Invesco CLO Equity Fund 3, LP priced a new $510.4 million collateralized loan obligation due April 17, 2034, according to a notice.
The notes, being issued by Invesco CLO 2021-1, Ltd., are $315 million of class A-1 senior secured floating-rate notes at Libor plus 100 basis points, $10 million of class A-2 2.24% senior secured fixed-rate notes and $55 million of class B senior secured floating-rate notes at Libor plus 155 bps.
Lower, there are $27.5 million of class C deferrable mezzanine secured floating-rate notes at Libor plus 180 bps, $32.5 million of class D deferrable mezzanine secured floating-rate notes at Libor plus 305 bps, $20 million of class E junior secured floating-rate notes at Libor plus 646 bps and $50.4 million of subordinated notes.
Morgan Stanley & Co. LLC is the underwriter.
Invesco CLO Equity Fund 3 will manage the collateral, primarily senior secured loans and eligible investments. The reinvestment period is five years.
The notes can be called starting in April 2023.
The manager is a New York-based investment firm.
| Issuer: | Invesco CLO 2021-1, Ltd.
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $510.4 million
|
| Maturity: | April 17, 2034
|
| Agent: | Morgan Stanley & Co. LLC
|
| Manager: | Invesco CLO 2021-1, Ltd.
|
| Call: | April 2023
|
| Announcement date: | March 25
|
| Settlement date: | April 27
|
|
|
| Class A-1 notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.24%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Junior secured floating-rate notes
|
| Coupon: | Libor plus 646 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $50.4 million
|
| Securities: | Subordinated notes
|
|
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