Chicago, March 2 – ICG Debt Advisors LLC sold its first collateralized loan obligation transaction of the year in $407.45 million of notes due April 17, 2034, according to a pre-sale report.
The notes are being issued by ICG US CLO 2021-1 Ltd./ICG US CLO 2021-1 LLC.
The portfolio is made of up $244 million of class A-1 senior secured floating-rate notes at Libor plus 127 basis points, $12 million of class B senior secured floating-rate notes at Libor plus 155 bps, $48 million of class C senior secured floating-rate notes at Libor plus 175 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 220 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 340 bps, $12 million of class E senior secured deferrable floating-rate notes at Libor plus 633 bps and $43.45 million of subordinated notes.
Barclays is the initial purchaser of the notes.
The notes can be called starting April 17, 2023.
ICG Debt Advisors will manage the collateral of the portfolio through the reinvestment period end date on April 17, 2026.
Collateral is primarily senior secured loans, cash and eligible investments. Most of the borrowers must be based in the United States.
The firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuers: | ICG US CLO 2021-1 Ltd./ICG US CLO 2021-1 LLC
|
| Amount: | $407.45 million
|
| Maturity: | April 17, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | ICG Debt Advisors LLC
|
| Call: | April 17, 2023
|
| Pricing date: | March 2
|
| Settlement date: | March 11
|
|
|
| Class A-1 notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class C notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class E notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 633 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.45 million
|
| Securities: | Subordinated notes
|
|
|
|
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