By Cristal Cody
Tupelo, Miss., Dec. 20 – Regatta Loan Management LLC priced and closed on a new $604.9 million collateralized loan obligation offering, according to market sources.
Regatta XVI Funding Ltd./Regatta XVI Funding LLC sold $372 million of class A-1 floating-rate notes at Libor plus 136 basis points, $15 million of class A-2 floating-rate notes at Libor plus 175 bps and $67.5 million of class B floating-rate notes at Libor plus 205 bps.
The CLO priced $37.5 million of class C floating-rate notes at Libor plus 270 bps, $33.9 million of class D floating-rate notes at Libor plus 390 bps, $22.5 million of class E floating-rate notes at Libor plus 700 bps and $56.5 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The notes mature in January 2033.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The CLO manager has priced two CLO deals in 2019.
Regatta Loan Management is an asset management firm based in New York.
| Issuer: | Regatta XVI Funding Ltd./Regatta XVI Funding LLC
|
| Amount: | $604.9 million
|
| Maturity: | January 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Regatta Loan Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 22
|
| Settlement date: | Dec. 19
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 136 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $37.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $33.9 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $56.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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