By Cristal Cody
Tupelo, Miss., Feb. 26 – LCM Asset Management LLC sold $352 million of notes due Oct. 20, 2029 in a refinancing of the vintage 2016 LCM XXIII Ltd. collateralized loan obligation offering, according to market sources.
The CLO priced $252.25 million of class A-1-R floating-rate notes at Libor plus 107 basis points, $47.75 million of class A-2-R floating-rate notes at Libor plus 165 bps, $32 million of class B-R floating-rate notes at Libor plus 220 bps and $20 million of class C-R floating-rate notes at Libor plus 330 bps.
Goldman Sachs & Co. LLC was the refinancing placement agent.
LCM Asset Management will continue to manage the CLO.
The refinanced notes have an extended non-call period to January 2021.
The CLO was originally issued Dec. 20, 2016.
In that offering, LCM XXIII had sold $2 million of class X notes at Libor plus 120 bps, $247 million of class A-1 notes at Libor plus 140 bps, $53 million of class A-2 notes at Libor plus 185 bps, $32 million of class B notes at Libor plus 255 bps, $20 million of class C notes at Libor plus 395 bps, $15.5 million of class D notes at Libor plus 705 bps and $38.1 million of subordinated notes.
Proceeds were used to redeem the original class A-1, A-2, B and C notes.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
| Issuer: | LCM XXIII Ltd.
|
| Amount: | $352 million refinancing
|
| Securities: | Floating-rate notes
|
| Maturity: | Oct. 20, 2029
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | LCM Asset Management LLC
|
| Call feature: | January 2021
|
| Settlement date: | Feb. 26
|
|
|
| Class A-1-R notes
|
| Amount: | $252.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $47.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $32 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | S&P: BBB
|
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