By Cristal Cody
Tupelo, Miss., Aug. 13 – Jefferies Finance LLC priced $498 million of notes due Feb. 21, 2022 in the JFIN Revolver CLO 2014 Ltd./JFIN Revolver CLO 2014 LLC transaction, according to details from a market source.
The CLO sold $140 million of class A-1 senior secured floating-rate notes (Aaa/expected AAA/) at Libor plus 150 basis points; $116 million of class A-2 senior secured floating-rate notes (Aaa/expected AAA/) at Libor plus 130 bps; $67 million of class B senior secured floating-rate notes (/expected AA/) at Libor plus 200 bps; $42 million of class C secured deferrable floating-rate notes (/expected A/) at Libor plus 275 bps; $26 million of class D secured deferrable floating-rate notes (/expected BBB/) at Libor plus 275 bps and $107 million of subordinated notes.
Jefferies LLC was the placement agent.
Jefferies Finance will manage the CLO.
The deal is collateralized primarily by broadly syndicated first-lien senior secured loans, cash and eligible investments. Unlike typical managed cash flow CLOs, all of the JFIN Revolver CLO transaction’s assets will consist of revolving loans and delayed-draw loans.
The non-call and reinvestment periods end in 2016.
Jefferies Finance was last in the primary market on June 27 with the $562.5 million JFIN CLO 2014-II Ltd./JFIN CLO 2014-II LLC deal.
The New York City-based firm, a commercial finance firm co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co., has priced four CLO transactions in 2014.
| Issuer: | JFIN Revolver CLO 2014 Ltd./JFIN Revolver CLO 2014 LLC
|
| Amount: | $498 million
|
| Maturity: | Feb. 21, 2022
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Jefferies Finance LLC
|
| Call feature: | 2016
|
| Pricing date: | July 18
|
| Settlement date: | Aug. 14
|
|
|
| Class A-1 notes
|
| Amount: | $140 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA (expected)
|
|
|
| Class A-2 notes
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| Amount: | $116 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA (expected)
|
|
|
| Class B notes
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| Amount: | $67 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor’s: AA (expected)
|
|
|
| Class C notes
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| Amount: | $42 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor’s: A (expected)
|
|
|
| Class D notes
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| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor’s: BBB (expected)
|
|
|
| Equity tranche
|
| Amount: | $107 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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