By Cristal Cody
Tupelo, Miss., Feb. 16 – Eaton Vance Management priced $435.25 million of notes due July 15, 2026 at par in a refinancing of a 2014 collateralized loan obligation deal, according to a market source.
Eaton Vance CLO 2014-1 Ltd./Eaton Vance CLO 2014-1, LLC sold $315.5 million of class A-R senior secured floating-rate notes at Libor plus 120 basis points; $63 million of class B-R senior secured floating-rate notes at Libor plus 160 bps; $29.75 million of class C-R senior secured floating-rate notes at Libor plus 225 bps and $27 million of class D-R senior secured deferrable floating-rate notes at Libor plus 360 bps.
Citigroup Global Markets Inc. arranged the refinancing transaction.
Eaton Vance will continue to manage the CLO.
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 2014-1 Ltd./Eaton Vance CLO 2014-1, LLC
|
| Amount: | $435.25 million refinancing
|
| Maturity: | July 15, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Eaton Vance Management
|
| Pricing date: | Feb. 7
|
|
|
| Class A-R notes
|
| Amount: | $315.5 million
|
| Coupon: | Libor plus 120 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $63 million
|
| Coupon: | Libor plus 160 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $29.75 million
|
| Coupon: | Libor plus 225 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Coupon: | Libor plus 360 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
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