By Cristal Cody
Tupelo, Miss., April 9 – Jefferies Finance LLC priced $170.5 million of notes due April 22, 2020 in a collateralized loan obligation offering, according to a market source.
JFIN Revolver CLO 2015-II Ltd./JFIN Revolver CLO 2015-II LLC sold $84 million of class A floating-rate notes at Libor plus 115 basis points; $5.5 million of class B-1 floating-rate notes at Libor plus 210 bps; $17 million of 3.6% class B-F fixed-rate notes; $13 million of class C deferrable floating-rate notes at Libor plus 224 bps and $8 million of 4.75% class D deferrable fixed-rate notes.
The deal also included a $6 million unfunded tranche of class E deferrable variable funding notes that can be used to pay interest shortfalls on the class C and class D notes and $37 million of subordinated notes as equity.
Jefferies LLC was the placement agent.
Jefferies Finance will manage the CLO.
The CLO is non-callable until April 22, 2016.
The notes are secured primarily by revolver and delayed-drawdown loans.
Jefferies Finance was in the primary market on March 24 with the $440 million JFIN Revolver CLO 2015 Ltd./JFIN Revolver CLO 2015 LLC transaction.
The New York City-based commercial finance firm is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.
| Issuer: | JFIN Revolver CLO 2015-II Ltd./JFIN Revolver CLO 2015-II LLC
|
| Amount: | $170.5 million
|
| Maturity: | April 22, 2020
|
| Securities: | Fixed-rate, floating-rate, variable funding and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Jefferies Finance LLC
|
| Call feature: | April 22, 2016
|
| Pricing date: | April 9
|
| Settlement date: | April 22
|
|
|
| Class A notes
|
| Amount: | $84 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $5.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-F notes
|
| Amount: | $17 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.6%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 224 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $8 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.75%
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $6 million
|
| Securities: | Deferrable variable funding notes
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $37 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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