ICG Debt Advisors markets $412.5 million ICG US CLO 2015-2 deal

By Cristal Cody

Tupelo, Miss., Oct. 7 – ICG Debt Advisors LLC is offering $412.5 million of notes due 2028 in the manager’s second collateralized loan obligation deal of the year, according to a market source.

The ICG US CLO 2015-2, Ltd./ICG US CLO 2015-2 LLC transaction includes $3 million of class X senior term notes (Aaa); $256 million of class A senior term notes (Aaa); $49.25 million of B senior term notes (Aa2); $19 million of class C deferrable mezzanine term notes (A2); $23.75 million of class D deferrable mezzanine term notes (Baa3); $41.5 million of class E deferrable junior term notes (Ba3) and $41.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

ICG Debt Advisors will manage the CLO.

The CLO has a non-call period that ends in 2018 and a reinvestment period that ends in 2020.

The transaction will be structured to comply with European risk retention regulations.

The deal is backed primarily by a portfolio of broadly syndicated first-lien senior secured corporate loans and eligible investments. The CLO does not allow for the purchase of assets including structured finance, synthetics, zero coupon prefunded letters of credit and equities.

ICG Debt Advisors previously was in the primary market on June 11 with the $410.75 million ICG US CLO 2015-1, Ltd./ICG US CLO 2015-1 LLC deal. The CLO manager brought to market three CLO transactions in 2014.

The New York-based firm is a U.S. subsidiary of London-based parent company Intermediate Capital Group plc.

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