By Cristal Cody
Tupelo, Miss., Aug. 14 – LCM Asset Management LLC refinanced $375.55 million of notes due July 19, 2027 in the vintage 2013 LCM XIII LP collateralized loan obligation offering, according to a market source.
The CLO sold $550,000 of class X-RR floating-rate notes at par to yield Libor plus 70 basis points, $322.5 million of class A-RR floating-rate notes at par to yield Libor plus 114 bps and $52.5 million of class B-RR floating-rate notes at par to yield Libor plus 175 bps.
Barclays arranged the refinancing.
LCM Asset Management will continue to manage the CLO.
The CLO was originally issued in 2013 and was first refinanced in a $465.5 million transaction on Nov. 22, 2016. In the first refinancing, the CLO priced $255 million of class A-R floating-rate notes at Libor plus 135 bps, $53 million of class B-R floating-rate notes at Libor plus 185 bps and $22 million of class C-R floating-rate notes at Libor plus 250 bps.
Proceeds from the offering were used to redeem the outstanding notes.
LCM XIII is collateralized primarily by broadly syndicated senior secured loans.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
| Issuer: | LCM XIII LP
|
| Amount: | $375.55 million refinancing
|
| Maturity: | July 19, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | LCM Asset Management LLC
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 9
|
|
|
| Class X-RR notes
|
| Amount: | $550,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-RR notes
|
| Amount: | $322.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $52.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
© 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.
