By Cristal Cody
Tupelo, Miss., Aug. 30 - Highbridge Principal Strategies, LLC raised $412.75 million of notes due Sept. 2, 2024 in its second collateralized loan obligation, set to close on Sept. 2, according to a market source on Friday.
The Highbridge Loan Management 2013-2, Ltd./Highbridge Loan Management 2013-2 LLC priced $260 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 130 basis points; $43 million of class A-2 senior secured floating-rate notes (A2) at Libor plus 190 bps; $22.5 million of class B-1 senior secured deferrable floating-rate notes (/A/) at Libor plus 300 bps; and $9.5 million of 6% class B-2 senior secured deferrable fixed-rate notes (/A/).
Lower in the capital structure, the CLO sold $19.5 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 370 bps; $16 million of class D senior secured deferrable floating-rate notes (/BB/) at Libor plus 525 bps; $8 million of class E senior secured deferrable floating-rate notes (/B/) at Libor plus 580 bps; and $34.25 million of subordinated notes.
The notes have a two-year non-callable period and a four-year reinvestment period.
Citigroup Global Markets Inc. was the underwriter.
Highbridge Principal Strategies will manage the CLO, which is backed by broadly syndicated senior secured corporate loans.
The New York-based investment management firm brought its first CLO, the $313 million Highbridge Loan Management 2012-1 Ltd. deal, in September 2012.
| Issuer: | Highbridge Loan Management 2013-2, Ltd./Highbridge Loan Management 2013-2 LLC
|
| Amount: | $412.75 million
|
| Maturity: | Sept. 2, 2024
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Highbridge Principal Strategies, LLC
|
| Call feature: | Two years
|
| Settlement date: | Sept. 2
|
|
|
| Class A-1 notes
|
| Amount: | $260 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
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| Amount: | $43 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Standard & Poor's: A2
|
|
|
| Class B-1 notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class B-2 notes
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| Amount: | $9.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6%
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E notes
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| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $34.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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