By Cristal Cody
Tupelo, Miss., Oct. 22 – Eaton Vance Management priced $403,225,000 of notes due Oct. 15, 2032 in the manager’s second broadly syndicated collateralized loan obligation offering of the year, according to market sources.
Eaton Vance CLO 2020-2 Ltd./Eaton Vance CLO 2020-2, LLC sold $216 million of class A-1 floating-rate notes at Libor plus 137 basis points, $40 million of 1.75% class A-2 fixed-rate notes and $48 million class B floating-rate notes at Libor plus 175 bps.
The CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 260 bps, $20 million of class D deferrable floating-rate notes at Libor plus 410 bps, $16 million of class E deferrable floating-rate notes at Libor plus 732 bps and $39,225,000 of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2020-2 Ltd./Eaton Vance CLO 2020-2, LLC
|
| Amount: | $403,225,000
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Eaton Vance Management
|
| Settlement date: | Nov. 3
|
|
|
| Class A-1 notes
|
| Amount: | $216 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $40 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.75%
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 732 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39,225,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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