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ICG Debt Advisors to refinance $405.75 million ICG US CLO 2016-1
By Cristal Cody
Tupelo, Miss., July 10 – ICG Debt Advisors LLC plans to reprice the $405.75 million of notes due July 29, 2028 from a vintage 2016 broadly syndicated collateralized loan obligation transaction, according to a notice to noteholders on Monday.
In the original CLO issued Aug. 30, 2016, 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.
The refinanced deal is expected to include class A-1-R floating-rate notes (expected Aaa//expected AAA); class A-2-R floating-rate notes (expected Aa2); class B-R floating-rate notes (expected A2); class C-R floating-rate notes (expected Baa3); class D-R floating-rate notes (expected Ba3); class E-R floating-rate notes (expected B3) and subordinated notes.
Citigroup Global Markets Inc. is the arranger.
ICG Debt Advisors LLC-Manager Series will continue to manage the CLO.
Proceeds will be used to redeem the original notes on or after July 30.
The deal is backed primarily by a portfolio of broadly syndicated first-lien senior secured corporate loans.
ICG Debt Advisors has priced two new CLO deals year to date.
The asset management firm 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.
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