By Sarah Lizee
Olympia, Wash., March 7 – ICG Debt Advisors LLC priced $380 million of notes due Jan. 15, 2031 in a refinancing of a vintage 2014 collateralized loan obligation transaction, according to a second supplemental indenture.
ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC sold $4 million of class X-RR notes at Libor plus 55 basis points, $256 million of class A-RR notes at Libor plus 103 bps, $44 million of class B-RR notes at Libor plus 145 bps, $21.2 million of class C-RR notes at Libor plus 180 bps, $26.8 million of class D-RR notes at Libor plus 270 bps, $20 million of class E-RR notes at Libor plus 520 bps and $8 million of class F-RR notes at Libor plus 742 bps.
Merrill Lynch, Pierce, Fenner & Smith Inc. was the refinancing agent.
ICG Debt Advisors is the CLO manager.
Proceeds from the second refinancing were used to redeem the class A-R, B-R and C-R notes issued on the first refinancing date of April 17, 2017 and the class D-1, D-2, E and F notes originally issued on Aug. 27, 2014.
The New York-based firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC
|
| Amount: | $380 million refinancing
|
| Maturity: | Jan. 15, 2031
|
| Securities: | Notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Manager: | ICG Debt Advisors LLC
|
| Pricing date: | March 6
|
| Refinancing date: | March 8
|
|
|
| Class X-RR notes
|
| Amount: | $4 million
|
| Securities: | Senior term notes
|
| Coupon: | Libor plus 55 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-RR notes
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| Amount: | $256 million
|
| Securities: | Senior term notes
|
| Coupon: | Libor plus 103 bps
|
| Rating: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-RR notes
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| Amount: | $44 million
|
| Securities: | Senior term notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-RR notes
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| Amount: | $21.2 million
|
| Securities: | Deferrable mezzanine term notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-RR notes
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| Amount: | $26.8 million
|
| Securities: | Deferrable mezzanine term notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-RR notes
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| Amount: | $20 million
|
| Securities: | Deferrable junior term notes
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| Coupon: | Libor plus 520 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-RR notes
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| Amount: | $8 million
|
| Securities: | Deferrable junior term notes
|
| Coupon: | Libor plus 742 bps
|
| Rating: | Moody’s: B3
|
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