By Cristal Cody
Tupelo, Miss., Oct. 14 – ICG Debt Advisors LLC priced $411 million of notes and loans due Jan. 15, 2028 in a collateralized loan obligation transaction structured to comply with European risk retention regulations, according to a market source.
ICG US CLO 2015-2, Ltd./ICG US CLO 2015-2 LLC sold $3 million of class X senior term notes at Libor plus 100 basis points, $196 million of class A-1 senior term notes at Libor plus 152 bps and $50 million of class A loans at Libor plus 152 bps. The class A loans include an option to convert into class A-L notes.
The CLO also priced $10 million of 3% class A-2 senior term notes, $42.25 million of B-1 senior term notes at Libor plus 225 bps, $7 million of 3.91% class B-2 senior term notes, $19 million of class C deferrable mezzanine term notes at Libor plus 320 bps, $23.75 million of class D deferrable mezzanine term notes at Libor plus 395 bps, $20 million of class E deferrable junior term notes at Libor plus 653 bps and $40 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
ICG Debt Advisors will manage the CLO.
The CLO has a non-call period that ends in 2018 and a reinvestment period that ends in 2020.
The deal is backed primarily by a portfolio of broadly syndicated first-lien senior secured corporate loans and eligible investments.
Proceeds from the offering will be used to purchase assets to reach a target portfolio of about $400 million of mostly senior secured loans.
ICG Debt Advisors has priced two CLO deals this year to date.
The New York-based firm, a U.S. subsidiary of London-based parent company Intermediate Capital Group plc, brought to market three CLO transactions in 2014.
| Issuer: | ICG US CLO 2015-2, Ltd./ICG US CLO 2015-2 LLC
|
| Amount: | $411 million
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| Maturity: | Jan. 15, 2028
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| Securities: | Fixed-rate, floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: | Morgan Stanley & Co. LLC
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| Manager: | ICG Debt Advisors LLC
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| Call feature: | 2018
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| Pricing date: | Oct. 14
|
| Settlement date: | Nov. 5
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
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| Amount: | $3 million
|
| Securities: | Senior term notes
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| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
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| Amount: | $196 million
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| Securities: | Senior term notes
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| Coupon: | Libor plus 152 bps
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
|
| Class A loans
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| Amount: | $50 million
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| Securities: | Loans
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| Coupon: | Libor plus 152 bps
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $10 million
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| Securities: | Senior term notes
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| Coupon: | 3%
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| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
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| Amount: | $42.25 million
|
| Securities: | Senior term notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | Moody’s: Aa2
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|
|
| Class B-2 notes
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| Amount: | $7 million
|
| Securities: | Senior term notes
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| Coupon: | 3.91%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $19 million
|
| Securities: | Deferrable mezzanine term notes
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| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | $23.75 million
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| Securities: | Deferrable mezzanine term notes
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| Coupon: | Libor plus 395 bps
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| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $20 million
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| Securities: | Deferrable junior term notes
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| Coupon: | Libor plus 653 bps
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| Rating: | Moody’s: Ba3
|
|
|
| Equity
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| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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