By Cristal Cody
Tupelo, Miss., March 27 - ECP CLO 2013-5 Ltd./ ECP CLO 2013-5 LLC sold $415.97 million of floating-rate and subordinated notes due Jan. 20, 2025 in a collateralized loan obligation offering set to close on Thursday, according to a market source.
ECP CLO 2013-5 priced $260 million of class A-1 floating-rate notes (/AAA/) at Libor plus 117 basis points; $42.8 million of class A-2 floating-rate notes (/AA/) at Libor plus 175 bps; $28.8 million of class B deferrable floating-rate notes (/A/) at Libor plus 275 bps; $20 million of class C deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $19.5 million of class D deferrable floating-rate notes (/BB/) at Libor plus 420 bps; $8 million of class E deferrable floating-rate notes (/B/) at Libor plus 530 bps; and $36.87 million of non-rated subordinated notes.
Citigroup Global Markets Inc. was the underwriter.
The notes have a non-callable period that ends on Jan. 20, 2015.
Silvermine Capital Management LLC is the CLO manager.
Collateral consists of a revolving pool of broadly syndicated first-lien senior secured loans to corporate borrowers.
ECP CLO 2013-5 is a managed cash flow CLO.
| Issuer: | ECP CLO 2013-5 Ltd./ECP CLO 2013-5 LLC
|
| Amount: | $412.97 million
|
| Maturity: | Jan. 20, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Silvermine Capital Management LLC
|
| Call feature: | Jan. 20, 2015
|
| Settlement date: | March 28
|
|
|
| Class A-1 notes
|
| Amount: | $260 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $42.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $28.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Subordinated notes
|
| Amount: | $36.87 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
