By Cristal Cody
Tupelo, Miss., Jan. 24 – ICG Debt Advisors LLC priced $408 million of notes in a refinancing of a vintage 2015 collateralized loan obligation transaction, according to a market source.
ICG US CLO 2015-2-R, Ltd./ICG US CLO 2015-2-R LLC sold $250 million of class A-1 senior secured floating-rate notes at Libor plus 137 basis points, $49 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps, $19.5 million of class B senior secured deferrable floating-rate notes at Libor plus 240 bps; $24.5 million of class C senior secured deferrable floating-rate notes at Libor plus 350 bps; $25 million of class D senior secured deferrable floating-rate notes at Libor plus 699 bps and $40 million of subordinated notes.
Citigroup Global Markets Inc. was the refinancing placement agent.
ICG Debt Advisors will continue to manage the CLO.
The maturity was extended to Jan. 17, 2033 from the original due date of Jan. 15, 2028.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
In the original ICG US CLO 2015-2, Ltd./ICG US CLO 2015-2 LLC deal issued Nov. 5, 2015, the CLO sold $3 million of class X senior term notes at Libor plus 100 bps, $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 CLO also had 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.
Proceeds from the refinancing will be used to redeem the original notes on Feb. 12.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The New York-based firm is a U.S. subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2015-2-R, Ltd./ICG US CLO 2015-2-R LLC
|
| Amount: | $408 million
|
| Maturity: | Jan. 17, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | Two years
|
| Settlement date: | Feb. 12
|
|
|
| Class A-1 notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 699 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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