By Cristal Cody
Tupelo, Miss., Oct. 11 - Eaton Vance Management sold $434,225,000 of notes due November 2024 in a CLO transaction on Friday, according to an informed source.
Eaton Vance CLO 2013-1, Ltd. priced $257 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 136 basis points and $60.1 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 180 bps at the top of the capital structure.
The CLO also priced $36 million of class B senior secured deferrable floating-rate notes (/A/) at Libor plus 275 bps; $21.3 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 330 bps; $17.2 million of class D secured deferrable floating-rate notes (/BB/) at Libor plus 500 bps; $7.5 million of class E secured deferrable floating-rate notes (/B/) at Libor plus 575 bps; and $35,125,000 of subordinated notes.
J.P. Morgan Securities, LLC arranged the deal.
The CLO has a two-year non-call period and a four-year reinvestment period.
Eaton Vance Management will manage the CLO, which is backed primarily by U.S. dollar-denominated first-lien senior secured corporate bank loans.
Parent company Eaton Vance Corp. executives said during a third-quarter earnings conference call in August that the Boston-based firm has two CLO transactions in the pipeline that may price before the end of the year.
Issuer: | Eaton Vance CLO 2013-1, Ltd.
|
Amount: | $434,225,000
|
Maturity: | November 2024
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash-flow CLO
|
Placement agent: | J.P. Morgan Securities, LLC
|
Manager: | Eaton Vance Management
|
Call feature: | November 2015
|
Pricing date: | Oct. 11
|
Settlement date: | Nov. 13
|
|
Class A-1 notes
|
Amount: | $257 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 136 bps
|
Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
Class A-2 notes
|
Amount: | $60.1 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 180 bps
|
Rating: | Standard & Poor's: AA
|
|
Class B notes
|
Amount: | $36 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 275 bps
|
Rating: | Standard & Poor's: A
|
|
Class C notes
|
Amount: | $21.3 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 330 bps
|
Rating: | Standard & Poor's: BBB
|
|
Class D notes
|
Amount: | $17.2 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 500 bps
|
Rating: | Standard & Poor's: BB
|
|
Class E notes
|
Amount: | $7.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 575 bps
|
Rating: | Standard & Poor's: B
|
|
Equity tranche
|
Amount: | $35,125,000
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
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