By Cristal Cody
Tupelo, Miss., Nov. 6 – Feingold O’Keefe Capital, LLC priced $515 million of notes due Oct. 18, 2026 in a collateralized loan obligation deal, according to a market source.
Hull Street CLO Ltd./Hull Street CLO LLC sold $316 million of class A floating-rate notes (/AAA/) at Libor plus 150 basis points; $60 million of class B floating-rate notes (/AA/) at Libor plus 230 bps; $38 million of class C deferrable floating-rate notes (/A/) at Libor plus 310 bps; $25.25 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 360 bps; $20.75 million of class E deferrable floating-rate notes (/BB/) at Libor plus 485 bps; $10 million of class F deferrable floating-rate notes (/B/) at Libor plus 565 bps and $45 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Feingold O’Keefe will manage the CLO, which is collateralized primarily by broadly syndicated senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Feingold O’Keefe Capital previously priced the $414 million Staniford Street CLO Ltd./Staniford Street CLO LLC deal on March 20, 2014 and the $515 million Longfellow Place CLO 2013-1, Ltd. transaction in 2013.
The alternative asset investment firm is based in Boston.
| Issuer: | Hull Street CLO Ltd./Hull Street CLO LLC
|
| Amount: | $515 million
|
| Maturity: | Oct. 18, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Feingold O’Keefe Capital, LLC
|
| Call feature: | 2016
|
| Pricing date: | Oct. 17
|
| Settlement date: | Nov. 20
|
|
|
| Class A notes
|
| Amount: | $316 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
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| Amount: | $38 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $25.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
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| Amount: | $20.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 485 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
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| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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