By Cristal Cody
Tupelo, Miss., Dec. 24 - Highbridge Principal Strategies LLC sold $409.7 million of notes due Jan. 18, 2025 in a new collateralized loan obligation transaction, according to a market source on Tuesday.
Highbridge Loan Management 3-2014 Ltd./Highbridge Loan Management 3-2014 LLC priced $246 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 148 basis points and $50 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 185 bps at the top of the capital structure.
The CLO also sold $37.25 million of class B senior secured deferrable floating-rate notes (/A/) at Libor plus 290 bps; $20.25 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 360 bps; $17 million of class D senior secured deferrable floating-rate notes (/BB/) at Libor plus 500 bps; $7.75 million of class E senior secured deferrable floating-rate notes (/B/) at Libor plus 600 bps and $31.45 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the deal.
The CLO has a non-call period that ends Jan. 18, 2016 and a reinvestment period that ends Jan. 16, 2018.
Collateral consists of broadly syndicated senior secured loans to corporate borrowers.
Highbridge Principal Strategies, an affiliate of Highbridge Capital Management, LLC, will manage the CLO.
The New York City-based investment management firm brought the $412.75 million Highbridge Loan Management 2013-2, Ltd./Highbridge Loan Management 2013-2 LLC transaction in August. Highbridge priced its first CLO, the $313 million Highbridge Loan Management 2012-1 Ltd. deal, in September 2012.
| Issuer: | Highbridge Loan Management 3-2014 Ltd./Highbridge Loan Management 3-2014 LLC
|
| Amount: | $409.7 million
|
| Maturity: | Jan. 18, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Highbridge Principal Strategies LLC
|
| Call feature: | Jan. 18, 2016
|
| Settlement date: | Jan. 30
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
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| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
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| Amount: | $37.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
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| Amount: | $20.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
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| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E notes
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| Amount: | $7.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $31.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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