By Cristal Cody
Tupelo, Miss., June 26 - LCM XIV LP priced $417.75 million of notes due July 15, 2025 in a Rule 144A collateralized loan obligation offering, according to an informed source on Wednesday.
CLO manager LCM Asset Management LLC sold $5 million of class X senior floating-rate notes (//AAA) at Libor plus 100 basis points; $250 million of class A floating-rate notes (//AAA) at Libor plus 115 bps; $60 million of class B floating-rate notes at Libor plus 165 bps; $26.5 million of class C deferrable floating-rate notes at Libor plus 275 bps; $19 million of class D deferrable floating-rate notes at Libor plus 350 bps; $15.75 million of class E deferrable floating-rate notes at Libor plus 465 bps; $10 million of class F deferrable floating-rate notes at Libor plus 515 bps; and $31.5 million of certificates.
Merrill Lynch, Pierce, Fenner & Smith Inc. arranged the deal.
The CLO will have a four-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.
LCM Asset Management is an asset management firm operated by Guernsey-based Tetragon Financial Group Ltd.
| Issuer: | LCM XIV LP
|
| Amount: | $417.5 million
|
| Maturity: | July 15, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Manager: | LCM Asset Management LLC
|
| Settlement date: July 15
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $26.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $19 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $10 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $31.5 million
|
| Securities: | Certificates
|
| Ratings: | 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.
