By Cristal Cody
Tupelo, Miss., April 17 - Mountain View CLO 2013-1, Ltd./Mountain View CLO 2013-1, Corp. raised $421 million in a collateralized loan obligation offering of notes due 2025, according to a market source.
The CLO priced $4 million of class X senior term notes (Aaa//) at Libor plus 100 basis points; $253 million of class A senior term notes (Aaa//) at Libor plus 116 bps; $46 million of class B-1 senior term notes at Libor plus 175 bps; $5 million of 3.04% class B-2 senior term notes; $20 million of class C-1 deferrable mezzanine term notes at Libor plus 255 bps; $10 million of 3.91% class C-2 deferrable mezzanine term notes; $20 million of class D deferrable mezzanine term notes at Libor plus 330 bps; $18 million of class E deferrable junior term notes at Libor plus 450 bps; and $45 million of class 1 subordinated notes.
Morgan Stanley & Co. LLC was the underwriter.
The cash-flow CLO is backed by a broadly syndicated loan portfolio and will be managed by Seix Investment Advisors LLC, which is indirectly owned by SunTrust Banks Inc.
| Issuer: | Mountain View CLO 2013-1, Ltd./Mountain View CLO 2013-1, Corp.
|
| Amount: | $421 million
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| Maturity: | 2025
|
| Securities: | Term notes, subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Morgan Stanley & Co. LLC
|
| Manager: | Seix Investment Advisors LLC
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| Call feature: | Two years
|
| Settlement date: April 29
|
|
|
| Class X notes
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| Amount: | $4 million
|
| Securities: | Senior term notes
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| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
|
|
| Class A notes
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| Amount: | $253 million
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| Securities: | Senior term notes
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| Coupon: | Libor plus 116 bps
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| Ratings: | Moody's: Aaa
|
|
|
| Class B-1 notes
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| Amount: | $46 million
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| Securities: | Senior term notes
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| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
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|
|
| Class B-2 notes
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| Amount: | $5 million
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| Securities: | Senior term notes
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| Coupon: | 3.04%
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
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| Amount: | $20 million
|
| Securities: | Deferrable mezzanine term notes
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| Coupon: | Libor plus 255 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
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| Amount: | $10 million
|
| Securities: | Deferrable mezzanine term notes
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| Coupon: | 3.91%
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $20 million
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| Securities: | Deferrable mezzanine term notes
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| Coupon: | Libor plus 330 bps
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| Ratings: | Non-rated
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|
|
| Class E notes
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| Amount: | $18 million
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| Securities: | Deferrable junior term notes
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| Coupon: | Libor plus 450 bps
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| Ratings: | Non-rated
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|
|
| Class 1 notes
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| Amount: | $45 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
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