By Cristal Cody
Tupelo, Miss., April 3 – CF H-BSL Management LLC sold $323.25 million of notes due July 20, 2026 in a refinancing of a 2014 collateralized loan obligation deal, according to a market source.
Hildene CLO II Ltd./Hildene CLO II LLC priced $252 million of class A-R senior secured floating-rate notes at par to yield Libor plus 118 basis points, $49.25 million of class B-R senior secured floating-rate notes at par to yield Libor plus 167 bps and $22 million of class C-R deferrable mezzanine floating-rate notes at par to yield Libor plus 255 bps.
BofA Merrill Lynch was the refinancing agent.
CF H-BSL Management will manage the CLO.
In the transaction originally priced on May 8, 2014, the CLO sold $252 million of class A senior secured floating-rate notes at Libor plus 145 bps; $24.25 million of class B-1 senior secured floating-rate notes at Libor plus 220 bps; $25 million of 4.44% class B-2 senior secured fixed-rate notes; $22 million of class C deferrable floating-rate notes at Libor plus 290 bps; $24.25 million of class D deferrable floating-rate notes at Libor plus 370 bps; $19.75 million of class E deferrable floating-rate notes at Libor plus 510 bps; $6.5 million of class F deferrable floating-rate notes at Libor plus 595 bps and $40 million of subordinated notes.
Proceeds of the offering will be used to redeem the original class A, B and C notes.
Hildene Leveraged Credit LLC originally priced the CLO and sold the management contracts for its CLOs in 2016.
CF H-BSL is a New York-based affiliate of Fortress Investment Group LLC.
| Issuer: | Hildene CLO II Ltd./Hildene CLO II LLC
|
| Amount: | $323.25 million refinancing
|
| Maturity: | July 20, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | CF H-BSL Management LLC
|
| Pricing date: | March 30
|
| Settlement date: | April 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
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| Amount: | $49.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 167 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $22 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
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