By Cristal Cody
Tupelo, Miss., Dec. 23 – ICG Debt Advisors LLC priced $411.3 million of notes due Jan. 25, 2027 in a collateralized loan obligation offering, according to a market source.
ICG US CLO 2014-3, Ltd./ICG US CLO 2014-3 LLC priced $164.35 million of class A-1a senior secured floating-rate notes (Aaa//AAA) at Libor plus 150 basis points; $94.35 million of 3.28% class A-1b senior secured fixed-rate notes; $42.5 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 240 bps; $12.5 million of class B-1 senior secured deferrable floating-rate notes (A2) at Libor plus 325 bps; $7.9 million of 5.25% class B-2 senior secured deferrable fixed-rate notes; $21.2 million of class C senior secured deferrable floating-rate notes (Baa3) at Libor plus 360 bps; $25.6 million of class D senior secured deferrable floating-rate notes (Ba3) at Libor plus 515 bps and $42.9 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
ICG Debt Advisors will manage the CLO, which is backed primarily by senior secured corporate loans.
The CLO has a two-year non-call period and a four-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 about $400 million of leveraged loans.
ICG previously was in the primary market in 2014 with the $371.17 million ICG US CLO 2014-1, Ltd./ICG US CLO 2014-1, LLC transaction on Jan. 30, 2014 and the $417 million ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC deal on July 18.
The firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2014-3, Ltd./ICG US CLO 2014-3 LLC
|
| Amount: | $411.3 million
|
| Maturity: | Jan. 25, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 12
|
| Distribution: | Rule 144A
|
|
|
| Class A-1a notes
|
| Amount: | $164.35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1b notes
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| Amount: | $94.35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.28%
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| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $42.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1 notes
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| Amount: | $12.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2 notes
|
| Amount: | $7.9 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 5.25%
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $21.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $25.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $42.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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