By Cristal Cody
Tupelo, Miss., Aug. 13 – Eaton Vance Management priced $390.5 million of notes due Jan. 15, 2028 in a second refinancing of a vintage 2013 collateralized loan obligation deal, according to a market source.
Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1, LLC sold $1.5 million of class A-X-RR senior secured floating-rate notes at Libor plus 70 basis points; $270.6 million of class A-1-RR senior secured floating-rate notes at Libor plus 116 bps; $27.5 million of class A-2-RR senior secured floating-rate notes at Libor plus 185 bps; $27.5 million of class B-RR senior secured deferrable floating-rate notes at Libor plus 280 bps; $21 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 380 bps and $21 million of class D-RR secured deferrable floating-rate notes at Libor plus 710 bps.
Goldman Sachs & Co. LLC arranged the transaction.
Eaton Vance will continue to manage the CLO.
The CLO was originally issued Nov. 13, 2013 and was reset Dec. 20, 2016.
In the original issue, the $434,225,000 CLO sold $257 million of class A-1 senior secured floating-rate notes at Libor plus 136 bps; $60.1 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps; $36 million of class B senior secured deferrable floating-rate notes at Libor plus 275 bps; $21.3 million of class C senior secured deferrable floating-rate notes at Libor plus 330 bps; $17.2 million of class D secured deferrable floating-rate notes at Libor plus 500 bps; $7.5 million of class E secured deferrable floating-rate notes at Libor plus 575 bps and $35,125,000 of subordinated notes.
In the $401.9 million 2016 refinancing, the CLO had priced $2.4 million of class A-X senior secured floating-rate notes at Libor plus 100 bps; $260.6 million of class A-1-R senior secured floating-rate notes at Libor plus 142 bps; $58.9 million of class A-2-R senior secured floating-rate notes at Libor plus 210 bps; $27.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 300 bps; $21 million of class C-R senior secured deferrable floating-rate notes at Libor plus 425 bps; $21 million of class D-R secured deferrable floating-rate notes at Libor plus 760 bps; $1.5 million of class E-R secured deferrable floating-rate notes at Libor plus 575 bps and an additional $9 million of subordinated notes.
Proceeds from the latest transaction were used to redeem the outstanding notes.
The refinanced CLO notes were admitted Tuesday for trading on the Euronext Dublin global exchange market.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Eaton Vance has priced one new issue CLO and refinanced one vintage CLO year to date.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1, LLC
|
| Amount: | $390.5 million refinancing
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | Eaton Vance Management
|
| Settlement date: | Aug. 9
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-X-RR notes
|
| Amount: | $1.5 million
|
| Coupon: | Libor plus 70 bps
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-RR notes
|
| Amount: | $270.6 million
|
| Coupon: | Libor plus 116 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $48.9 million
|
| Coupon: | Libor plus 185 bps
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $27.5 million
|
| Coupon: | Libor plus 280 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | S&P: A
|
|
|
| Class C-RR notes
|
| Amount: | $21 million
|
| Coupon: | Libor plus 380 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | S&P: BBB-
|
|
|
| Class D-RR notes
|
| Amount: | $21 million
|
| Coupon: | Libor plus 710 bps
|
| Securities: | Secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB-
|
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