By Cristal Cody
Tupelo, Miss., June 12 – ICG Debt Advisors LLC brought $410.75 million of notes due July 19, 2027 in a collateralized loan obligation offering, according to a market source.
ICG US CLO 2015-1, Ltd./ICG US CLO 2015-1 LLC priced $258 million of class A-1 floating-rate notes at Libor plus 150 basis points; $47.25 million of class A-2 floating-rate notes at Libor plus 205 bps; $17.75 million of class B floating-rate notes at Libor plus 310 bps; $25 million of class C floating-rate notes at Libor plus 375 bps; $20 million of class D floating-rate notes at Libor plus 545 bps and $42.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC 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 purchase assets to reach a target portfolio of about $400 million of mostly senior secured loans.
ICG Debt Advisors priced three CLO deals in 2014.
The firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2015-1, Ltd./ICG US CLO 2015-1 LLC
|
| Amount: | $410.75 million
|
| Maturity: | July 19, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | 2017
|
| Pricing date: | June 11
|
| Settlement date: | June 30
|
|
|
| Class A-1 notes
|
| Amount: | $258 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $47.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $17.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $42.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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