By Cristal Cody
Tupelo, Miss., March 3 – ICG Debt Advisors LLC priced $406.8 million of notes due April 15, 2029 in a new collateralized loan obligation transaction, according to a market source.
ICG US CLO 2017-1, Ltd./ICG US CLO 2017-1 LLC sold $256 million of class A floating-rate notes at Libor plus 135 basis points; $46 million of class B floating-rate notes at Libor plus 165 bps; $26 million of class C floating-rate notes at Libor plus 240 bps; $22 million of class D floating-rate notes at Libor plus 375 bps; $18 million of class E floating-rate notes at Libor plus 650 bps and $38.8 million of subordinated notes.
Barclays was the placement agent.
ICG Debt Advisors LLC – Manager Series will manage the CLO.
The CLO has a two-year non-call period and a 4½-year reinvestment period.
The deal is backed primarily by a portfolio of broadly syndicated first-lien senior secured corporate loans.
The transaction is structured to comply with U.S. and European risk retention regulations.
Proceeds from the offering will be used to purchase a portfolio of about $400 million of mostly first-lien senior secured loans.
ICG Debt Advisors priced one CLO offering in 2016.
The New York-based firm is a U.S. subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2017-1, Ltd./ICG US CLO 2017-1 LLC
|
| Amount: | $406.8 million
|
| Maturity: | April 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | ICG Debt Advisors LLC – Manager Series
|
| Call feature: | Two years
|
| Settlement date: | March 29
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $38.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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