By Cristal Cody
Tupelo, Miss., Dec. 24 – East West Investment Management LLC priced $356.93 million of notes due Jan. 20, 2033 in the debut East West Investment Management CLO 2019-1 Ltd./East West Investment Management CLO 2019-1 LLC transaction set to close at the end of the month, according to market sources.
The CLO sold $225 million of class A floating-rate notes at Libor plus 100 basis points, $44.5 million of class B floating-rate notes at Libor plus 120 bps, $24.5 million of class C deferrable floating-rate notes at Libor plus 210 bps, $17.5 million of class D deferrable floating-rate notes at Libor plus 471 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus 741 bps and $34.93 million of subordinated notes.
Jefferies LLC was the placement agent.
East West Investment Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Pasadena, Calif.-based East West Investment Management is a subsidiary of East West Bancorp Inc.
Issuer: | East West Investment Management CLO 2019-1 Ltd./East West Investment Management CLO 2019-1 LLC
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Amount: | $356.93 million
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Maturity: | Jan. 20, 2033
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Jefferies LLC
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Manager: | East West Investment Management LLC
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Call feature: | Two years
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Pricing date: | Nov. 20
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Settlement date: | Dec. 30
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Class A notes
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Amount: | $225 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 100 bps
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Rating: | S&P: AAA
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Class B notes
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Amount: | $44.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 120 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $24.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 210 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $17.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 471 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $10.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 741 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $34.93 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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