By Cristal Cody
Tupelo, Miss., April 16 - LCM Asset Management LLC refinanced $370.5 million of notes due April 15, 2022 in the LCM X LP/LCM X LLC CLO transaction first brought in 2012, according to an informed source.
LCM Asset Management refinanced the $259 million tranche of class A floating-rate notes, originally priced at Libor plus 148 basis points, to class A-R notes at Libor plus 126 bps.
The $45 million tranche of class B floating-rate notes, originally placed at Libor plus 290 bps, was refinanced to class B-R notes at Libor plus 190 bps.
LCM Asset Management refinanced $29.5 million of class C floating-rate notes from Libor plus 315 bps to class C-R notes at Libor plus 285 bps.
The $20 million tranche of class D floating-rate notes, originally priced at Libor plus 460 bps, was refinanced to class D-R floating-rate notes at Libor plus 375 bps.
Finally, LCM Asset Management refinanced $17 million of class E floating-rate notes from Libor plus 575 bps to class E-R notes at Libor plus 550 bps.
The original $410 million CLO deal also included $39.5 million of LP certificates in the equity tranche.
BNP Paribas Securities Corp. arranged the refinancing.
LCM Asset Management is the CLO manager.
The CLO is backed by a revolving pool of broadly syndicated senior secured loans.
Proceeds from the replacement notes were used to redeem the original notes in full.
LCM Asset Management was last in the market in January with the new $624 million LCM XV LP/LCM XV LLC CLO transaction.
The New York City-based asset management firm priced two CLO deals in 2013.
| Issuer: | LCM X LP/LCM X LLC
|
| Amount: | $370.5 million refinancing
|
| Maturity: | April 15, 2022
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | LCM Asset Management LLC
|
| Pricing date: | April 1
|
|
|
| Class A-R notes
|
| Amount: | $259 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $29.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D-R notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E-R notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: BB
|
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