By Cristal Cody
Tupelo, Miss., Oct. 21 – Eaton Vance Management priced $408.55 million of notes due Oct. 20, 2026 in its first collateralized loan obligation deal this year, according to a market source.
Eaton Vance CLO 2015-1 Ltd./Eaton Vance CLO 2015-1, LLC sold $246 million of class A senior secured floating-rate notes at Libor plus 145 basis points; $40 million of class B-1 senior secured floating-rate notes at Libor plus 220 bps; $6.25 million of 4% class B-2 senior secured fixed-rate notes; $34.35 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps; $23.4 million of class D senior secured deferrable floating-rate notes at Libor plus 420 bps; $16 million of class E secured deferrable floating-rate notes at Libor plus 750 bps; $10 million of class F secured deferrable floating-rate notes at Libor plus 805 bps and $32.55 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Eaton Vance will manage the CLO.
The CLO has a non-call period that ends on Oct. 30, 2017. The reinvestment period ends on July 20, 2020.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Boston-based Eaton Vance Management, a subsidiary of Eaton Vance Corp., placed one CLO transaction in 2014.
| Issuer: | Eaton Vance CLO 2015-1 Ltd./Eaton Vance CLO 2015-1, LLC
|
| Amount: | $408.55 million
|
| Maturity: | Oct. 20, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Eaton Vance Management
|
| Call feature: | Oct. 30, 2017
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 29
|
|
|
| Class A notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa1
|
|
|
| Class B-2 notes
|
| Amount: | $6.25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4%
|
| Price: | 99.9917
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C notes
|
| Amount: | $34.35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Price: | 99.3134
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $23.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Price: | 96.90
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Price: | 94.2019
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $10 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 805 bps
|
| Price: | 91.7782
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $32.55 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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