By Cristal Cody
Tupelo, Miss., Oct. 24 – LCM Asset Management LLC priced $277.2 million of notes due Oct. 20, 2028 in a refinancing of one tranche of notes from the vintage 2016 LCM XXII LP/LCM XXII LLC collateralized loan obligation offering, according to market sources.
The CLO sold $277.2 million of class A-1-R floating-rate notes at Libor plus 116 basis points.
Natixis Securities Americas LLC was the refinancing placement agent.
LCM Asset Management will continue to manage the CLO.
The refinanced CLO notes have a one-year non-call period and a remaining two-year reinvestment period that ends Oct. 20, 2021.
In the original $448.6 million offering issued Oct. 20, 2016, the CLO sold $277.2 million of the class A-1 floating-rate notes at Libor plus 148 bps.
The CLO also had priced $2.6 million of class X floating-rate notes at Libor plus 128 bps; $57.2 million of class A-2 floating-rate notes at Libor plus 180 bps; $30.8 million of class B floating-rate notes at Libor plus 240 bps; $22 million of class C floating-rate notes at Libor plus 385 bps; $17.6 million of class D floating-rate notes at Libor plus 665 bps and $41.2 million of subordinated notes.
The CLO was partially refinanced on Nov. 8, 2018.
Proceeds from the newest refinancing were used to redeem the original class A-1 notes.
The CLO is collateralized primarily by first-lien senior secured loans.
LCM Asset Management is a New York City-based asset management firm and a subsidiary of Tetragon Financial Group Ltd.
| Issuer: | LCM XXII LP/LCM XXII LLC
|
| Amount: | $277.2 million refinancing
|
| Maturity: | Oct. 20, 2028
|
| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | LCM Asset Management LLC
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| Coupon: | Libor plus 148 bps
|
| Call feature: | One year
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 21
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
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