By Cristal Cody
Eureka Springs, Ark., Aug. 1 – ICG Debt Advisors LLC priced $405.75 million of notes due Aug. 1, 2028 in a collateralized loan obligation transaction, according to a market source.
ICG US CLO 2016-1, Ltd./ICG US CLO 2016-1 LLC sold $256 million of class A-1 senior secured floating-rate notes at Libor plus 160 basis points; $51 million of class A-2 senior secured floating-rate notes at Libor plus 220 bps; $18 million of class B senior secured deferrable floating-rate notes at Libor plus 300 bps; $26 million of class C senior secured deferrable floating-rate notes at Libor plus 425 bps; $17 million of class D senior secured deferrable floating-rate notes at Libor plus 675 bps and $37.75 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
ICG Debt Advisors will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by a portfolio of broadly syndicated first-lien senior secured corporate loans.
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 was in the primary market in 2015 with two U.S. CLO deals.
The New York-based firm is a U.S. subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2016-1, Ltd./ICG US CLO 2016-1 LLC
|
| Amount: | $405.75 million
|
| Maturity: | Aug. 1, 2028
|
| Securities: | 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: | July 26
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $51 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
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| Amount: | $18 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
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| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $37.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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