By Cristal Cody
Eureka Springs, Ark., Dec. 6 – Invesco RR Fund LP, a majority owned affiliate of Invesco Senior Secured Management, Inc., sold $614 million of notes due Oct. 18, 2028 in a new broadly syndicated collateralized loan obligation deal, according to a market source.
Riserva CLO Ltd. priced $384 million of class A floating-rate notes at Libor plus 146 basis points; $51 million of class B-1 floating-rate notes at Libor plus 190 bps; $21 million of 3.99% class B-2 fixed-rate notes; $28.5 million of class C-1 floating-rate notes at Libor plus 290 bps; $7.5 million of 5.05% class C-2 fixed-rate notes; $33 million of class D floating-rate notes at Libor plus 390 bps; $27 million of class E floating-rate notes at Libor plus 675 bps and $62 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Invesco RR Fund will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $600 million of mostly senior secured leveraged loans.
Invesco has priced three new CLOs and refinanced one vintage CLO year to date.
The subsidiary of Atlanta-based Invesco, Ltd. brought two CLO transactions to market in 2015.
| Issuer: | Riserva CLO Ltd.
|
| Amount: | $614 million
|
| Maturity: | Oct. 18, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Invesco RR Fund LP
|
| Call feature: | Two years
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 21
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 146 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $51 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $21 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.99%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.05%
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $62 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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