By Cristal Cody
Tupelo, Miss., Jan. 29 - Acis Capital Management, LP sold $416.75 million of notes due Feb. 1, 2026 in its previously announced collateralized loan obligation deal, according to a market source.
At the top of the capital structure, Acis CLO 2014-3 Ltd./Acis CLO 2014-3 LLC priced $3.5 million of class A-X senior secured floating-rate notes (/AAA/) at Libor plus 135 basis points; $205 million of class A-1A senior secured floating-rate notes (/AAA/) at Libor plus 151 bps; $25 million of 3.75% class A-1F senior secured fixed-rate notes (/AAA/); $15 million of class A-2A senior secured floating-rate notes (/AAA/) at Libor plus 155 bps and $2 million of class A-2B senior secured floating-rate notes (/AAA/) at Libor plus 200 bps.
The CLO also sold $56 million of class B senior secured floating-rate notes (/AA/) at Libor plus 223 bps; $29 million of class C deferrable floating-rate notes (/A/) at Libor plus 250 bps; $19 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 312 bps; $17.5 million of class E deferrable floating-rate notes (/BB/) at Libor plus 475 bps; $5 million of class F deferrable floating-rate notes (/B+/) at Libor plus 560 bps and $39.75 million of subordinated notes.
Jefferies LLC arranged the transaction.
Acis Capital Management will manage the CLO, which is backed by a revolving pool of broadly syndicated senior secured corporate loans.
The CLO is noncallable until Feb. 1, 2016. The reinvestment period ends Feb. 1, 2019.
Acis Capital, an affiliate of Dallas-based Highland Capital Management, LP, brought two CLO deals in 2013. The firm closed on the $525.5 million Acis CLO 2013-1 Ltd./Acis CLO 2013-1 LLC transaction in March and the $650 million Acis CLO 2013-2 Ltd./Acis CLO 2013-2 LLC offering in October.
| Issuer: | Acis CLO 2014-3 Ltd./Acis CLO 2014-3 LLC
|
| Amount: | $416.75 million
|
| Maturity: | Feb. 1, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Acis Capital Management, LP
|
| Call feature: | Feb. 1, 2016
|
| Pricing date: | Jan. 16
|
| Settlement date: | Feb. 25
|
|
|
| Class A-X notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-1A notes
|
| Amount: | $205 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.7%
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2B notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 223 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $29 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $19 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 312 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Standard & Poor's: B+
|
|
|
| Equity tranche
|
| Amount: | $39.75 million
|
| Securities: | Subordinated notes
|
| Ratings | : | Non-rated
|
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