By Cristal Cody
Tupelo, Miss., April 29 - Details of San Francisco-based JMP Group Inc.'s previously announced $343.8 million collateralized loan obligation of senior secured notes sold in a private placement through JMP Credit Advisors CLO II Ltd./JMP Credit Advisors CLO II LLC emerged on Monday.
The deal included a $3.8 million tranche of class X floating-rate notes due 2016 (/AAA/) priced at Libor plus 100 basis points.
The other tranches of notes due April 30, 2023 included $217.6 million of class A floating-rate notes (/AAA/) priced at Libor plus 118 bps; $34 million of class B floating-rate notes (/AA/) at Libor plus 175 bps; $17 million of class C deferrable floating-rate notes (/A/) at Libor plus 275 bps; $18.7 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 385 bps; $18.7 million of class E deferrable floating-rate notes (/BB/) at Libor plus 525 bps; $10.2 million of class F deferrable floating-rate notes (/B/) at Libor plus 575 bps; and $23.8 million of non-rated subordinated notes.
The notes have a two-year non-call period.
Natixis Securities Americas LLC was the placement agent.
JMP Credit Advisors LLC will manage the CLO, which is backed by broadly syndicated senior secured loans.
| Issuer: | JMP Credit Advisors CLO II Ltd./JMP Credit Advisors CLO II LLC
|
| Amount: | $343.8 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | JMP Credit Advisors LLC
|
| Call feature: | Oct. 30. 2015
|
| Pricing date: | April 3
|
| Settlement date: April 30
|
|
|
| Class X notes
|
| Amount: | $3.8 million
|
| Maturity: | 2016
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: Standard & Poor's: AAA
|
|
|
| Class A notes
|
| Amount: | $217.6 million
|
| Maturity: | April 30, 2023
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Ratings: Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $34 million
|
| Maturity: | April 30, 2023
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $17 million
|
| Maturity: | April 30, 2023
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $18.7 million
|
| Maturity: | April 30, 2023
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $18.7 million
|
| Maturity: | April 30, 2023
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Ratings: Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $10.2 million
|
| Maturity: | April 30, 2023
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: Standard & Poor's: B
|
|
|
| Subordinated notes
|
| Maturity: | April 30, 2023
|
| Amount: | $23.8 million
|
| Securities: | Subordinated notes
|
| Ratings: Non-rated
|
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