By Cristal Cody
Tupelo, Miss., Aug. 10 – Loomis, Sayles & Co., LP sold $412.7 million of notes due July 20, 2027 in a collateralized loan obligation deal, according to a market source.
Loomis Sayles CLO II, Ltd./Loomis Sayles CLO II, LLC priced $254 million of class A-1 floating-rate notes at Libor plus 153 basis points; $50.4 million of class A-2 floating-rate notes at Libor plus 220 bps; $18.5 million of class B floating-rate notes at Libor plus 300 bps; $25.1 million of class C floating-rate notes at Libor plus 360 bps; $20 million of class D floating-rate notes at Libor plus 560 bps and $44.7 million of preferred shares.
The equity portion was reduced from an initial $45.75 million tranche.
J.P. Morgan Securities LLC was the placement agent.
Loomis, Sayles & Co. will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of leveraged loans.
Loomis, Sayles & Co. was last in the CLO primary market in 2006 with the Loomis Sayles CLO I, Ltd. transaction.
The investment management firm is based in Boston.
| Issuer: | Loomis Sayles CLO II, Ltd./Loomis Sayles CLO II, LLC
|
| Amount: | $412.7 million
|
| Maturity: | July 20, 2027
|
| Securities: | Floating-rate notes and preferred shares
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Loomis, Sayles & Co., LP
|
| Call feature: | 2017
|
| Pricing date: | Aug. 3
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $254 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $18.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $25.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $44.7 million
|
| Securities: | Preferred shares
|
| Ratings: | Non-rated
|
© 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.
