By Cristal Cody
Tupelo, Miss., March 24 - Feingold O'Keefe Capital, LLC sold $414 million of notes due June 15, 2025 in a collateralized loan obligation deal in the pipeline since January, according to an informed source on Monday.
Staniford Street CLO Ltd./Staniford Street CLO LLC priced $255 million of class A senior secured floating-rate notes (AAA/) at Libor plus 153 basis points, $45 million of class B senior secured floating-rate notes (/AA/) at Libor plus 225 bps, $30 million of class C deferrable floating-rate notes (/A/) at Libor plus 305 bps, $23 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 350 bps, $17.5 million of class E deferrable floating-rate notes (/BB/) at Libor plus 450 bps, $12.5 million of class F deferrable floating-rate notes at Libor plus 500 bps and $31 million of subordinated notes.
StormHarbour Securities LP was the placement agent.
Feingold O'Keefe will manage the CLO.
The notes are non-callable until March 15, 2016. The reinvestment period ends March 15, 2018.
The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.
Feingold O'Keefe Capital brought its first CLO since 2007 in January 2013 when it priced the $515 million Longfellow Place CLO 2013-1, Ltd. transaction.
The alternative asset investment firm is based in Boston.
| Issuer: | Staniford Street CLO Ltd./Staniford Street CLO LLC
|
| Amount: | $414 million
|
| Maturity: | June 15, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | StormHarbour Securities LP
|
| Manager: | Feingold O'Keefe Capital, LLC
|
| Call feature: | March 15, 2016
|
| Pricing date: | March 20
|
| Settlement date: | April 22
|
|
|
| Class A notes
|
| Amount: | $255 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $12.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $31 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
|
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