By Cristal Cody
Tupelo, Miss., June 28 – ICG Debt Advisors LLC priced $409.1 million of notes due July 22, 2031 in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
ICG US CLO 2018-2, Ltd./ICG US CLO 2018-2 LLC sold $256 million of class A senior secured floating-rate notes at Libor plus 108 basis points and $49.2 million of class B senior secured floating-rate notes at Libor plus 175 bps.
The CLO also priced $18.4 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $26.2 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $18.2 million of class E senior secured deferrable floating-rate notes at Libor plus 575 bps and $39 million of subordinated notes.
Barclays was the placement agent.
ICG Debt Advisors LLC-Manager Series will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
ICG Debt Advisors has priced two new CLO deals year to date.
The CLO manager priced one new CLO and refinanced two vintage CLOs in 2017.
The subsidiary of London-based parent company Intermediate Capital Group plc is based in New York.
| Issuer: | ICG US CLO 2018-2 Ltd./ICG US CLO 2018-2 LLC
|
| Amount: | $407 million
|
| Maturity: | July 22, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | ICG Debt Advisors LLC-Manager Series
|
| Call feature: | July 22, 2020
|
| Settlement date: | July 25
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $49.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $18.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $26.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $18.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $39 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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