By Cristal Cody
Tupelo, Miss., May 16 - Acis Capital Management, LP raised $504.75 million in a collateralized loan obligation offering, according to a market source.
ACIS CLO 2014-4 Ltd./ACIS CLO 2014-4 LLC priced $4 million of class X floating-rate notes (/AAA/) at Libor plus 100 basis points; $296 million of class A floating-rate notes (/AAA/) at Libor plus 142 bps; $68 million of class B floating-rate notes (/AA/) at Libor plus 177 bps; $33 million of class C deferrable floating-rate notes (/A/) at Libor plus 255 bps; $28.5 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 310 bps; $20.5 million of class E deferrable floating-rate notes (/BB/) at Libor plus 480 bps; $4 million of class F deferrable floating-rate notes (/B+/) at Libor plus 515 bps and $50.75 million of subordinated notes.
Jefferies LLC arranged the transaction.
Acis Capital Management will manage the CLO, which is backed primarily by a revolving pool of broadly syndicated senior secured corporate loans.
The CLO is non-callable until June 5, 2016. The reinvestment period ends June 5, 2019.
The notes are due May 1, 2026.
Acis Capital Management was in the primary market on Jan. 16 with the $416.75 million Acis CLO 2014-3 Ltd./Acis CLO 2014-3 LLC deal.
The affiliate of Dallas-based Highland Capital Management, LP brought two CLO transactions in 2013.
| Issuer: | ACIS CLO 2014-4 Ltd./ACIS CLO 2014-4 LLC
|
| Amount: | $504.75 million
|
| Maturity: | May 1, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Acis Capital Management, LP
|
| Call feature: | June 5, 2016
|
| Pricing date: | April 30
|
| Settlement date: | June 5
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A notes
|
| Amount: | $296 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $68 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 177 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $28.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $20.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | Standard & Poor's: B+
|
|
|
| Equity tranche
|
| Amount: | $50.75 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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