By Cristal Cody
Eureka Springs, Ark., June 24 – Anchorage Capital Group, LLC priced $409.82 million of notes due July 28, 2028 in the Anchorage Capital CLO 8, Ltd./Anchorage Capital CLO 8, LLC deal, according to additional details from a market source on Monday.
The CLO sold $1.2 million of class X floating-rate notes at Libor plus 200 basis points, $225 million of class A-1 floating-rate notes at Libor plus 165 bps and $25 million of 2.88% class A-2 fixed-rate notes.
The CLO also priced $30 million of class B-1 floating-rate notes at Libor plus 225 bps; $14.75 million of 3.59% class B-2 fixed-rate notes; $21 million of class C floating-rate notes at Libor plus 315 bps; $26.5 million of class D floating-rate notes at Libor plus 420 bps; $25.75 million of class E floating-rate notes at Libor plus 650 bps; $8 million of class F floating-rate notes at Libor plus 860 bps and $32.62 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the transaction.
Anchorage Capital Group will manage the CLO.
The CLO is non-callable for two years and has a four-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
Proceeds will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.
Anchorage Capital Group priced two CLO transactions and two CDO offerings in 2015.
The asset manager is based in New York City.
| Issuer: | Anchorage Capital CLO 8, Ltd./Anchorage Capital CLO 8, LLC
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| Amount: | $409.82 million
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| Maturity: | July 28, 2028
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| Securities: | Fixed-rate, floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: Deutsche Bank Securities Inc.
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| Manager: | Anchorage Capital Group, LLC
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| Call feature: | Two years
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| Pricing date: | June 22
|
| Settlement date: | July 26
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| Distribution: | Rule 144A
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|
|
| Class X notes
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| Amount: | $1.2 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 200 bps
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| Ratings: | Moody’s: Aaa (expected)
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| Fitch: AAA
|
|
|
| Class A-1 notes
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| Amount: | $225 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 165 bps
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| Ratings: | Moody’s: Aaa (expected)
|
| Fitch: AAA
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|
|
| Class A-2 notes
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| Amount: | $25 million
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| Securities: | Fixed-rate notes
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| Coupon: | 2.88%
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| Ratings: | Moody’s: Aaa (expected)
|
| Fitch: AAA
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|
|
| Class B-1 notes
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| Amount: | $30 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 225 bps
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| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class B-2 notes
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| Amount: | $14.75 million
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| Securities: | Fixed-rate notes
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| Coupon: | 3.59%
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| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class C notes
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| Amount: | $21 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: Aaa (expected)
|
|
|
| Class D notes
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| Amount: | $26.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 420 bps
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| Rating: | Moody’s: Aaa (expected)
|
|
|
| Class E notes
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| Amount: | $25.75 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 650 bps
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| Rating: | Moody’s: Ba3 (expected)
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|
|
| Class F notes
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| Amount: | $8 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 860 bps
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| Rating: | Non-rated
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|
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| Equity
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| Amount: | $32.62 million
|
| Securities: | Subordinated notes
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| Rating: | Non-rated
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