By Cristal Cody
Tupelo, Miss., March 25 - ING IM CLO 2013-1 Ltd./ ING IM CLO 2013-1 LLC sold $618.35 million in a collateralized loan obligation securitization that included five tranches of floating-rate notes and one tranche of income notes due April 15, 2024, according to a market source.
ING IM CLO priced $393 million of class A-1 secured floating-rate notes (/AAA/) at Libor plus 114 basis points; $66.75 million of class A-2 secured floating-rate notes (/AA/) at Libor plus 180 bps; $42.75 million of class B secured deferrable floating-rate notes (/A/) at Libor plus 290 bps; $29.25 million of class C secured deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $24.75 million of class D secured deferrable floating-rate notes (/BB/) at Libor plus 500 bps; and $61.85 million of non-rated income notes.
Citigroup Global Markets Inc. was the placement agent.
ING Alternative Asset Management LLC is the CLO manager.
The transaction is backed by broadly syndicated first-lien senior secured loans to corporate borrowers.
The non-callable period on the notes ends on April 15, 2015.
ING IM is a managed cash flow CLO.
| Issuer: | ING IM CLO 2013-1 Ltd./ ING IM CLO 2013-1 LLC
|
| Amount: | $618.35 million
|
| Maturity: | April 15, 2024
|
| Securities: | Floating-rate and income notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | ING Alternative Asset Management LLC
|
| Call feature: | April 15, 2015
|
| Settlement date: | March 28
|
|
|
| Class A-1 notes
|
| Amount: | $393 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $66.75 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $42.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $29.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Income notes
|
| Amount: | $61.85 million
|
| Securities: | Income notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
