By Cristal Cody
Tupelo, Miss., Jan. 31 – Rockford Tower Capital Management, LLC priced $431.55 million of notes due April 15, 2029 in a refinancing of a vintage 2017 broadly syndicated collateralized loan obligation transaction, according to a market source and a notice of proposed supplemental indenture on Thursday.
Rockford Tower CLO 2017-1, Ltd./Rockford Tower CLO 2017-1, LLC sold $319.8 million of class A-R floating-rate notes at Libor plus 103 basis points, $54.75 million of class B-R floating-rate notes at Libor plus 145 bps, $24.75 million of class C-R floating-rate notes at Libor plus 185 bps and $32.25 million of class D-R floating-rate notes at Libor plus 265 bps.
Citigroup Global Markets Inc. was the refinancing placement agent.
The repriced CLO has a one-year non-call period and a 1.2-year reinvestment period.
In the original $507 million offering issued on May 4, 2017, the CLO sold $319.8 million of class A floating-rate notes at Libor plus 137 bps, $54.75 million of class B floating-rate notes at Libor plus 180 bps, $24.75 million of class C floating-rate notes at Libor plus 255 bps and $32.25 million of class D floating-rate notes at Libor plus 325 bps.
The CLO also had priced $27.75 million of class E floating-rate notes at Libor plus 540 bps and $47.7 million of subordinated notes.
Proceeds will be used to redeem the class A, B, C and D notes. The class E tranche and subordinated notes will remain outstanding.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured loans.
Rockford Tower Capital Management is a Delaware limited liability company.
| Issuer: | Rockford Tower CLO 2017-1, Ltd./Rockford Tower CLO 2017-1, LLC
|
| Amount: | $431.55 million refinancing
|
| Maturity: | April 15, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Rockford Tower Capital Management, LLC
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| Call feature: | To but excluding Feb. 13, 2021
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 13
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
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| Amount: | $319.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 103 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
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| Amount: | $54.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $24.75 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 185 bps
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| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
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| Amount: | $32.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: Baa3 expected
|
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