By Cristal Cody
Tupelo, Miss., July 22 – ICG Debt Advisors LLC priced $417 million of notes due Oct. 15, 2026 in a collateralized loan obligation deal, according to a market source.
ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC sold $3 million of class X senior term notes at Libor plus 100 basis points; $247 million of class A senior term notes at Libor plus 145 bps; $51 million of class B senior term notes at Libor plus 210 bps; $24 million of class C deferrable mezzanine term notes at Libor plus 310 bps; $19 million of class D-1 deferrable mezzanine term notes at Libor plus 345 bps; $5 million of class D-2 deferrable mezzanine term notes at Libor plus 365 bps; $22 million of class E deferrable junior term notes at Libor plus 500 bps and $8.5 million of class F deferrable junior term notes at Libor plus 525 bps.
The transaction included $37.5 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
ICG Debt Advisors will manage the CLO, which is backed primarily by a portfolio of broadly syndicated senior secured corporate loans.
The CLO has a 2.1-year non-call period and a 4.1-year reinvestment period.
Proceeds from the deal will be used to repay parties that provided interim financing to purchase collateral prior to the closing date and to purchase assets to reach a target portfolio of $400 million of leveraged loans.
ICG Debt Advisors last priced a CLO deal on Jan. 30 when it brought the $371.17 million ICG US CLO 2014-1, Ltd./ICG US CLO 2014-1, LLC transaction.
The firm is an affiliate of ICG Inc., which is a subsidiary of ICG FMC Ltd. London-based Intermediate Capital Group plc is the parent company.
| Issuer: | ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC
|
| Amount: | $417 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Term notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | October 2016
|
| Pricing date: | July 18
|
| Settlement date: | Aug. 27
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior term notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $247 million
|
| Securities: | Senior term notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Senior term notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine term notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-1 notes
|
| Amount: | $19 million
|
| Securities: | Deferrable mezzanine term notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Deferrable mezzanine term notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Deferrable junior term notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $5.9 million
|
| Securities: | Deferrable junior term notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity tranche
|
| Amount: | $37.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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