By Cristal Cody
Tupelo, Miss., Dec. 20 - Deutsche Asset & Wealth Management sold $441.81 million of notes due Jan. 18, 2026 in the Flagship VII Ltd./Flagship VII LLC CLO transaction, according to a market source on Friday.
The CLO priced $241.1 million of class A-1 senior secured floating-rate notes (/AAA/) at Libor plus 147 basis points and $20 million of 3.53% class A-2 senior secured fixed-rate notes (/AAA/) at the top of the capital structure.
The CLO also sold $60.55 million of class B senior secured floating-rate notes (/AA/) at Libor plus 210 bps; $29.2 million of class C deferrable floating-rate notes (/A/) at Libor plus 296 bps; $23.1 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $18.6 million of class E deferrable floating-rate notes (/BB/) at Libor plus 475 bps; $9.55 million of class F deferrable floating-rate notes (/B/) at Libor plus 525 bps and $39.71 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the transaction.
The CLO has a non-callable period that ends in January 2016 and a reinvestment period that ends January 2018.
The offering is backed by a revolving pool of broadly syndicated senior secured loans.
Deutsche Asset & Wealth Management, part of Deutsche Bank AG, will manage the CLO. The firm last brought a deal in the series in 2007 when it sold the $500 million Flagship CLO VI transaction.
| Issuer: | Flagship VII Ltd./Flagship VII LLC
|
| Amount: | $441.82 million
|
| Maturity: | Jan. 18, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Deutsche Asset & Wealth Management
|
| Call feature: | January 2016
|
| Settlement date: | Feb. 5
|
|
|
| Class A-1 notes
|
| Amount: | $241.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.53%
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $60.55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $29.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 296 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $23.1 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $18.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $9.55 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $39.71 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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