Chicago, Jan. 11 – ICG Debt Advisors LLC refinanced and extended for $406.8 million the collateralized loan obligation issued by ICG US CLO 2020-1 Ltd./ICG US CLO 2020-1 LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The refinanced CLO consists of $244 million of class A-R senior secured floating-rate notes at Libor plus 120 basis points, $56 million of class B-R senior secured floating-rate notes at Libor plus 180 bps, $28 million of class C-R senior secured deferrable floating-rate notes at Libor plus 220 bps, $22 million of class D-R senior secured deferrable floating-rate notes at Libor plus 360 bps, $17 million of class E-R senior secured deferrable floating-rate notes at Libor plus 745 bps and $39.8 million of subordinated notes.
The original CLO had $248 million of class A-1 floating-rate notes at Libor plus 140 bps, $46 million of class A-2a floating-rate notes at Libor plus 205 bps, $10 million of 2.41% class A-2b fixed-rate notes and $24 million of class B floating-rate notes at Libor plus 250 bps.
The CLO priced $20 million of class C deferrable floating-rate notes at Libor plus 425 bps, $14 million of class D deferrable floating-rate notes at Libor plus 752 bps and $39.8 million of subordinated notes.
ICG Debt Advisors LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
The collateral pool mostly has broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2024.
BofA Securities Inc. was the placement agent.
The firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2020-1 Ltd./ICG US CLO 2020-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $406.8 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | Jan. 20, 2024
|
| Settlement date: | Dec. 7
|
|
|
| Class A-R notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 745 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.8 million
|
| Securities: | Subordinated notes
|
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